TurboTax says you can deduct 50% of your meal expenses as long as they are business related, i.e. you have meals with your business partners and/or are conducting business while having a meal. Considering most of us eat lunch at your desk while working, would this qualify for a deduction?
Here is exactly what TurboTax says:
These expenses must be documented expenses common to your business and necessary for your work.
You may deduct 50% of meal expenses if: - You conducted business during the meal, and expected to earn specific business benefits, or - The meal occurred in association with your business, and preceded or followed a business discussion.
You may keep track of each expense, or use a standard allowance to report all of them.
See: - IRS Publication 463 for more information on standard allowances
Individuals are not allowed to deduct meals and entertainment unless it was an associated cost of their own business and then it would appear on your schedule c or your partnership k-1. Businesses are taxed on profits while individuals are taxed on income, no matter what you spend it on (with a few exceptions, such as certain interest payments).
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