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Deductions & credits
For Tax Year 2024, the entire cost of meals for children at a daycare can be expensed.
Enter that under "Business" "Business Income and Expenses" "Other Common Business Expenses" "Meals" "Meals: 100% Limit"
HOWEVER, for Tax Year 2024, only 50% of the cost of meals for daycare staff can be expensed.
To expense meals for daycare staff workers, the amount you can claim is reduced to only 50%.
Enter this (the 50% amount) under
Business
Business Income and Expenses
Other Common Business Expenses
Other Miscellaneous Expenses
Type "50% of Provider Meals" or something similar and 50% of the total expense
Please see page 13 of Pub 587 for more information.
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‎January 23, 2025
4:22 PM