Stimulus payments have become a crucial aspect of many people’s life as the pandemic continues to have an impact on the entire planet. However, some individuals might be concerned about how a name change will impact their stimulus payment. The good news is that your stimulus payment will not be impacted by changing your name. No matter how your name changes, the IRS will still send your payment to the address on file.
The name on your tax return must, however, exactly match the name on your Social Security card. Receiving your stimulus payment may be delayed if there is any discrepancy. As a result, before submitting your tax return, you must notify the Social Security Administration of any name changes.
How to rename an LLC in Texas is a question that is linked to this one. In Texas, renaming an LLC is a rather straightforward procedure. The Texas Secretary of State must receive the Certificate of Amendment. Your present LLC name, the new LLC name, and the explanation for the change must all be entered into the form. The Certificate of Amendment filing fee is payable.
People frequently enquire as to whether they can use a name other than their LLC. You may use a name other than that of your LLC, yes. A “DBA” or “doing business as” name is what it is known as. With a DBA, you can operate under a different name while maintaining the legal name of your LLC. The county clerk’s office where your business is located is where you must file a DBA.
Is an LLC preferable for taxes, and finally? Because an LLC is a pass-through entity, the business’s gains and losses are transferred to the owners’ individual tax returns. As a result of the business not being taxed individually, taxes may be lower. However, there are a number of variables, like the number of owners, the nature of the firm, and state tax rules, that affect the tax advantages of an LLC.
Changing your name won’t effect your stimulus payment, but it’s still important to make sure that it does on your tax return and Social Security card. You can use a new name for your LLC by submitting a DBA, and changing the name of your LLC in Texas is a simple process. An LLC may offer tax advantages, but it relies on a number of variables.
Use your legal name as it appears on your Social Security card if you’re referring to the name of your LLC for the stimulus payment. Receiving the stimulus payment could be delayed or complicated if a different name is used.
You must submit a Certificate of Amendment to the Texas Secretary of State in order to change the name of your LLC in that state. The form can be submitted online or by mail. The new name of the LLC as well as the explanation for the name change must be filled out on the form. The form must be submitted for a charge as well. Your LLC’s name will formally change once the application has been reviewed and accepted. It’s crucial to keep in mind, though, that altering the name of your LLC could not have any bearing on whether you qualify for or receive a stimulus payment.