@shkcpa41 wrote:
What about professional training/education expenses incurred through a Master's program to better prepare yourself to open a private medical related practice in 1-2 years down the road?
Education and training to enter a new profession are not deductible, either as personal expenses or as start-up expenses of a new business. Deductible business expenses are "ordinary and necessary" expenses of running the business, but do not include training to be able to start a new business. Other startup costs (buying equipment and so on) might be deductible start up costs according to the rules for treating start up costs.
Personal education expenses might be eligible for education tax credits.
