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Hi fellow fishies!
Can someone please explain what is “SUPPLEMENTARY allowance” in my payslip??? It is the highest in my entire payslip, more than basic salary. Basic is lets say ₹7 lac annually and supplementary bonus is ₹7 lac 40 thousand.
Can someone please explain why this exists in my paylslip, is it good or bad from tax perspective and shall I ask my HR to decrease it???
Please help asap.
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You don’t need a lawyer. A good CPA or accountant can do the job just fine and faster. This is more about taxes and write offs than anything else.
Best thing to do is talk to an accountant. But if you want to do it yourself this site has lots of good resources:
llcuniversity.com
Mtfreelance.com is also very helpful
Second this. And it’s not very expensive.
Came across a good summary the other day about the steps you should take: https://newllc.co/steps/
I talked with a CPA when I filed and the suggestion was that LLC is fine. S-Corp is better if you make a good amount of revenue or have employees.
Come up with a few options for company names and see if website url's and social handles are free for each before you have that conversation though.
There's a whole bunch of stuff after, but start there.
DIY Method: https://www.llcuniversity.com/
There’s LegalZoom, ZenBusiness.. they all do the same. You just need the bare minimum.
A lawyer will do the same.. as the bullet point above.
W2 = you’re a (temp) employee
W9 = you’re you’re own boss. This is the route you want to go. You can ask for a bit more $.
This bowl has a bunch of threads on the differences.
Legal Zoom is a good place to start.
Note: you still may want to hire a lawyer, but it’s a good place to help you start understanding the basics.
Just started the process on LegalZoom. Following
Reach out to Max Kleynburd. Expensive at first but will save money in the long run and very worth it. He’ll take care of you.