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Expensing a PEO on taxes
Posted on 2/2/16 at 5:38 pm
Posted on 2/2/16 at 5:38 pm
I went with a PEO at the beginning of 2015 for payroll. Since they do not provide a w3 (because technically my employees are under their umbrella and the PEO uses their own EIN) where do I deduct the amount paid to the PEO on my taxes?
2
Posted on 2/2/16 at 5:50 pm to jsquardjj
Other Deductions, "Leased Employee Expenses" is what you should title it.
Posted on 2/3/16 at 5:58 pm to jsquardjj
It depends on your business activities. If uniform capitalization rules apply you might have to include some in inventory costs. If all of your labor costs are currently deductible, then you will be electing an accounting method, so you should give the matter some serious thought. You need to discuss this with a competent tax advisor.
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