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Navigating Post-Residency

  • Writer: Jake Silver
    Jake Silver
  • Feb 13, 2024
  • 3 min read

Updated: Dec 5, 2024

Congratulations on achieving Texas residency and securing in-state tuition! Reflecting on our journey that began over a year ago, your determination has truly been remarkable. You're now enjoying the significant benefit of paying approximately half of what you previously paid for university tuition.


Before you delve into this guide, please ensure you've completed the following four critical steps:

  • Finalize the Savings Fee Payment: Ensure your payment process is completed.

  • Submit Video Testimonials: We'd love if both parent and student can share their unique stories in separate video submissions.

  • Give Feedback in a Quick Survey: Share your insights in a 2-minute survey.

  • Spread the Word: If you know anyone who could benefit, please refer them! If they mention your name, we’ll thank you with a $300 Amazon gift card.

    • Plus, we're thrilled to be expanding to new states - Utah, New Mexico, Nevada, Arkansas, South Dakota, and North Dakota.

If you have any specific questions, you may contact us at


Life Post-Residency Process


Now, as you navigate life post-residency process, you might have some questions. This section aims to address those queries and guide you through any necessary actions.


While wonderful to keep everything up-to-date, the below is optional and has no effect on your residency qualifications.

Business Related Questions

Terminating Your Business: The policy under which you were granted residency emphasized managing a business in Texas for at least a year, with no immediate plans for liquidation. Although the guidelines are somewhat ambiguous, our recommendation is to keep your LLC active and not terminate your business.


Continuing Business Operations: The residency requirement was for a year of operation. Post that, there are no explicit obligations to continue, and no further evidence is typically collected; however, it does mention not liquidating the business.


Reporting: You are required to file two reports - the Public Information Report (State Report) and the Beneficial Ownership Information Report (Federal Report). Refer to the guides provided for detailed instructions on completing these reports.

Bank Related Questions

Withdrawing Funds from Novo: You are free to withdraw funds from your Novo account. Follow these steps for a smooth withdrawal process: Log in to Novo, select "Send Money," choose "Add New Payee," and complete the required steps to confirm your Payee.

Tax Related Questions

Student's Tax Independence: The initial requirements specified a one-year period. Given that there's usually no reevaluation, you have the flexibility to decide. Many families opt to maintain their student's independent status for tax benefits such as the American Opportunity Tax Credit.


Handling Business Taxes: As a single-member LLC, your business taxes are relatively straightforward. Report your LLC’s income and expenses on Schedule C, attached to your personal tax return (Form 1040 or 1040-SR). If profitable, pay self-employment taxes via Schedule SE. This approach simplifies your tax filing process by aligning it with your personal taxes. For more info, speak to your accountant.

Address Related Questions

Updating LLC Mailing Address: You may update your LLC's mailing address here. You can use this link to find your Taxpayer Number using your LLC's legal name. Updating LLC Registered Agent Address: You may update your LLC's agent here. You can use this link to find your Taxpayer Number using your LLC's legal name.


Easiest option is to mail it to:


Secretary of State

P.O. Box 13697

Austin, TX 78711-3697


Updating EIN Address: You can use any method listed here to update the address. We recommend calling, but if you fill out a form, fill out Form 8822-B.


Updating Bank Address: You can follow the directions here.


Updating Home Address: You can use any method listed here to update the address. We recommend calling, but if you fill out a form, fill out Form 8822.


Updating License Address: You can learn how to update the address here.


 
 
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