accountant//small business owner

Discussion in 'The GatorTail Pub' started by el_lagarto, Feb 8, 2014.

  1. el_lagarto
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    el_lagarto Premium Member

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    anybody use a PEO for benefits/payroll//workers comp covg?

    im trying to decide whether to do my own taxes or not.

    is the entire amount of the PEOs invoice each week a business expense for me?
    --or is it more complicated than that?

    they take out of my bank account each week:
    --gross wages for each employee +
    --payroll taxes +
    --workers comp premium +
    --admin fee.

    do i send the PEO a 1099?

    google is useless on this matter.
    any help is appreciated. my taxes are very simple except for this.
  2. g8orbill
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    g8orbill Gators VIP Member

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    use paychecks

    easy to work with and all done on line
    you can give your employees access only to their records and they can print their stub if they lose it and can print their own W-4
    they will supply workman's comp
    I made all my employees have direct deposit and it saved me money
    they are like a bank so you can enter a newhire in the day before you process your payroll and they will get paid
    all the costs can go on your P&L
    use intuit for your P&L and it interfaces very easily

    if you are in Florida I can refer you to a great lady with paychecks
  3. gtr2x
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    gtr2x Well-Known Member

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    Probably depends on your respective customer service person, but to me Paychex is not all that. Most any payroll service will do the same thing.

    They can save time and money and can offer a wider range of benefits. Filing of the qrtly p/r tax returns and preparation of W-2s is a relief for most people who aren't accounting oriented. There is a significant cost imo and yea it is deductible and no they don't get a #1099.

    Just google pros and cons of PEOs and Im sure you will find many articles.
  4. el_lagarto
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    el_lagarto Premium Member

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    i use CONVERGENCE. I had to go PEO route to get workers comp b/c getting traditional workers comp with few employees is apparently impossible. PAYCHECKS dropped the ball, their office was ridiculous in getting back to me and i believe more expensive.

    id use my bank for payroll if i didnt need workers comp.

    the folks at turbo tax straightened me out on how to deduct the PEO expenses. they called me right up when i asked a question online.

    now if somebody could tell me if these leased employees MUST GET retirement benefits If I elect to do so,,id be good.

    researching this stuff online is futile. i reckon thats why accountants and lawyers where nice suits.
  5. g8orbill
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    g8orbill Gators VIP Member

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    most PEO's allow you to choose what bene's you offer

    I have used several different ones over the years- some were good and some were not so good

    shab used to work for one so he could give you all the info you want

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