Technically, yes, but that is rarely recommended. Twenty-four hours is a long time to wait between meals and could potentially stress out the system of a little dog who may need more frequent meals for sugar/energy. I would not do it. Twice daily (and for some three times daily) or free feeding is best.
Just cut down on the amount. The directions on the bag don't apply to every dog. You'll probably just need to reduce the amount you're feeding by 1/4-1/2 depending on how much your dog needs to lose and how much exercise he gets.
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