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Get your taxes done using TurboTax
I wouldn't consider it compensation, but it is an allowable business deduction, per IRS Publication 463:
"you may continue to deduct 50% of the cost of business meals if you (or an employee) is present and the food or beverages are not considered lavish or extravagant. You can deduct 100% of your meal expenses if the meals are food and beverages provided by a restaurant, and paid or incurred after December 31, 2020, and before January 1, 2023. The meals may be provided to a current or potential business customer, client, consultant, or similar business contact."
I just can't figure out where/how to plug it into TurboTax. In other programs I've used, there is always a specific prompt for non-travel meal expenses of this kind.
‎October 17, 2022
7:45 PM