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Join nowHi there, @micahdonahue!
Once you categorize your expense as a business meal, QuickBooks will automatically calculate the 50% amount of the expense you've categorized.
Here's an article you can read to learn more about your business meals and its category:When can you write off meals on your taxes?
Also, I'd still recommend contacting your account for additional guidance in categorizing your expense transaction. You can find one through this article: Find an accountant or bookkeeper.
If there's anything else that I can help you with, please let me know in the comment section down below. I'\m always around happy to lend a helping hand.
I’m actually thinking hear about the IRS “50% rule,” which says you can only deduct 50% of your business meal expenses. I haven’t set up any sort of rule to do this myself.
That said, are you saying there is a way to set up a rule that will run when categorizing expenses that the platform pulls in from my bank account? I’d love to know how to do that as well.
Let me share additional information, @micahdonahue.
There's no need to manually create a rule. As mentioned by my colleague Jonpril, that QuickBooks calculates your meal deduction automatically.
Just make sure to categorize your schedule C expense transactions accurately. You can check this article for more detailed information: Schedule C: Meals.
If you have any other concerns, let us know. Where here to help you. Take care.
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