The “American Dream” can be defined as the belief that every individual who is able to become aware of and seize opportunities in a timely manner, and who works and strives for this purpose will eventually achieve professional success and financial well-being. After this definition, what should be mentioned especially is the existence of a framework based on egalitarian living conditions, a strong justice system and the rule of law.
For example; visa and immigration law is one of the most important topics that can influence your American dream. You have worked hard to earn the right to live, work and/or manage a business in the U.S., and finally, you have received your visa. You should be aware that, within the scope of that visa, there are various rules that you must comply with during your stay in the U.S., and if you do not comply with those rules on time, you may even have to leave the U.S.
For example, when you have a tourist visa only, and while you have not received your work permit yet, it would not be right for you to settle in the U.S. with your family, and send your children to a public school. Or, having a social security number will not automatically entitle you to work in the U.S. You must also obtain a legal work permit.
You must follow relevant laws and administrative procedures diligently, so that processes regarding; such as, the extension of your current visa, change of status, and application for citizenship, etc. can be resolved smoothly.
In the U.S., taxation is another area where you can most feel the presence of the rules regulating your life and business activities in the U.S.
For example, have you ever thought about how your income tax or estate tax will be calculated as you live in the U.S.?
Tax payments in the U.S. are based on the procedure of declaration. Therefore, you must fill out your forms fully and on time. If you are unable to complete your declaration on time, you must request an extension. Inaccurate or missing information on tax returns may result in significantly high tax penalties.
Did you know that penalties for not reporting your foreign bank accounts (in Turkey and other countries other than the U.S., e.g. the U.K. and Switzerland, etc.) to the Internal Revenue Service might amount to three times the amount you have in your bank?
Therefore, it becomes very important to know in advance what options, e.g. amnesty, you may have if you do not report your Turkish or Swiss bank accounts to the Internal Revenue Service.
On the other hand, it may also be possible to minimize some of your tax liabilities, while you still respect the rules in the U.S. For example, you can take some strategic steps before moving to the U.S. to reduce your income and estate tax payments in the U.S. In this way, you can gain significant legal advantages.
In summary, living according to the immigration, visa, corporate and tax law rules surrounding your life in the U.S., and managing your personal and professional life according to these rules directly affects the realization of your own American Dream.
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