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How do I account for book/tax difference from imported Quickbooks data caused by nondeductible meals?
I've imported data from Quickbooks to TurboTax and categorized everything but I'm left with a ~$4000 difference between "Reporting income for tax purposes" and my "Book Income"
This difference is entirely from "Nondeductible Meals & Entertainment" but I'm not sure what do to about it. The accounts are appropriately categorized in Quickbooks as 50% deductible, and entered that way in TurboTax.
Am I missing something?
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‎June 3, 2019
12:35 PM