My TurboTax balance sheet is off by $559 (the nondeductible half of my meal expense) compare to my bookkeeping software balance sheet. Basically, if 100% of the meal expense is deductible, then my book and turboTax balance sheet, retained earning, etc. will be fully matched. However, since we can only deduct 50% of meal expenses for 2020 tax year, this is where my turbotax showed $559 higher in net income, retained earning etc.
