The bigger issue, according to Ms. Morrissey, is that many people have gotten used to the stock market going up. That’s not a guarantee — especially in the near term.

“It’s not just the loss from January; it’s what happens going forward,” she said. “If you were counting on the amount that you have in your 401(k) to continually grow, well, then you may never get to what you had planned for.”

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The Stock and Bond Markets Don’t Yet Know How to Cope With the Fed

On Wednesday, the S&P 500 stock index jumped 3 percent, as though all was right with the world. On Thursday, stocks collapsed, with the tech-heavy Nasdaq index plunging 5 percent as though the end of times was in sight.

Things on Friday were only slightly better. The S&P fell again, but only by 0.6 percent, and the Nasdaq lost a mere 1.4 percent. It was the fifth consecutive weekly decline in the S&P 500, its longest streak of losses since June 2011.

If you are looking for patterns in the market’s wild swings, the answer is simple: The financial markets are coming to grips with a stunning policy change by the Federal Reserve.

Over the last two decades, financial markets may have become so accustomed to encouragement from the Fed that they just don’t know how to react, now that the central bank is doing its best to slow down the economy.

news conference on Wednesday that the central bank was really and truly committed to driving down inflation. A transcript of Mr. Powell’s words is available on the Fed site. So is the text of the Fed’s latest policy statement. Check for yourself.

The Fed is willing to increase unemployment in the United States if that is what’s required to get the job done. And while they would much prefer that the United States doesn’t fall into a recession, Fed policymakers are willing to take the heat if the economy falters.

This may be hard to accept, and for a good reason.

millions of casualties worldwide, and it’s not over. From the narrow viewpoint of economics, the pandemic threw supply and demand for a vast variety of goods and services out of whack, and that has baffled policymakers. How much of the current bout of inflation has been caused by Covid, and what can the Fed possibly do about it?

Then there are the continuing lockdowns in China, which have reduced the supply of Chinese exports and dampened Chinese demand for imports, both of which are altering global economic patterns. On top of all that is the oil price shock caused by Russia’s war in Ukraine and by the sanctions against Russia.

Until late last year, the Fed said the inflation problem was “transitory.” Its response to an array of global challenges was to flood the U.S. economy and the world with money. It helped to reduce the impact of the 2020 recession in the United States — and it contributed to great wealth-creating rallies in the stock and bond markets.

But now, the Fed has recognized that inflation has gotten out of control and must be significantly slowed.

This is how Mr. Powell put it on Wednesday. “Inflation is much too high and we understand the hardship it is causing, and we’re moving expeditiously to bring it back down,” he said. “We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses.”

But its tools for reducing the rate of inflation without causing undue harm to the economy are actually quite crude and limited, he later acknowledged, in response to a reporter’s question. “We have essentially interest rates, the balance sheet and forward guidance, and they’re famously blunt tools,” he said. “They’re not capable of surgical precision.”

As if that were not scary enough, for an operation as delicate as the Fed is attempting, he added: “No one thinks this will be easy. No one thinks it’s straightforward, but there is certainly a plausible path to this, and I do think there, we’ve got a good chance to do that. And, you know, our job is not to rate the chances, it is to try to achieve it. So that’s what we’re doing.”

Well, fine. The Fed needs to make the attempt, but given the precariousness of the situation, the high volatility in financial markets is exactly what I’d expect to see.

The Federal Reserve is committed to continuing to raise the short-term interest rate it controls, the Fed funds rate, to somewhere well above 2.25 percent. Only a few months ago, that rate stood close to zero, and on Wednesday, the Fed raised it to the 0.75 to 1 percent range. The Fed also said it would begin reducing its $9 trillion balance sheet in June by about $1 trillion over the next year, and it continues to issue cautionary “forward guidance” — warnings of the kind that Mr. Powell made on Wednesday.

Watch out, he was essentially saying. Financial conditions are going to get much tougher — as tough as needed to stop inflation from becoming entrenched and deeply destructive. The Fed will be using blunt instruments on the American economy. There will be damage, inevitably. People will lose their jobs when the economy slows. There will be pain, even if it isn’t intended.

In the financial markets, short-term traders are unable to make sense of all this. The day-to-day shifts in the markets are about as informative as the meandering of a squirrel. But for those with long horizons, the outlook is straightforward enough.

A period of wrenching volatility is inescapable. This happens periodically in financial markets, yet those very markets tend to produce wealth for people who are able to ride out this turbulence.

It is important, as always, to make sure you have enough money put aside for an emergency. Then, assess your ability to withstand the impact of nasty headlines and unpleasant financial statements documenting market losses.

Cheap, broadly diversified index funds that track the overall market are being hit hard right now, but I’m still putting money into them. Over the long run, that approach has led to prosperity.

Count on more market craziness until the Fed’s struggle to beat inflation has been resolved. But if history is a guide, the odds are that you will do well if you can get through it.

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Do You Know Who That Worker You Just Hired Really Is?

Employers are also facing a moment in which collective angst is driving all kinds of unusual misbehavior. That’s something Tamara Sylvestre, 32, said she realized last year when she was working as a recruiter at a staffing firm based in Michigan and interviewed someone for an engineering position. She did an initial phone screening with the candidate, in which she noted that he had a high-pitched voice. When she conducted a follow-up technical interview by video, his voice seemed to have deepened.

Ms. Sylvestre later asked why his vocal pitch had changed, and he confessed that he had asked a friend to do the video interview for him.

“What were you going to do if you ended up getting the role?” Ms. Sylvestre recalled asking the candidate, bewildered. “He was like: ‘I was really nervous. I thought no one would notice.’ The role was 100 percent remote, so maybe he thought it wouldn’t make a difference.”

Mark Bradbourne, 46, who works as an engineer in Ohio, recalled a trickster who got even further in the hiring process several years ago. Mr. Bradbourne asked a new employee during his first week to do a data visualization exercise identical to one he had completed in his technical interview. The new hire didn’t know how to proceed. When Mr. Bradbourne reminded the employee that he had done the same task in his hiring process, the man jumped up and ran out of the room, then immediately resigned.

Persuading a friend to pinch-hit during a technical screening is an extreme variety of interview fake-out. But organizational psychologists observe that interviewers tend to reward honesty. They recognize when people speak genuinely to the aspects of a company that resonate with their interests, Dr. Bourdage said.

Interviewers are also getting savvier at detecting dishonesty. Meta, formerly Facebook, has in-house psychologists who devise probing questions that would be hard for interviewees to fake. Scott Gregory, chief executive of the personality testing company Hogan Assessment Systems, encourages employers to scrap classic interview questions — “What are your greatest strengths?” — in favor of situational and behavioral ones, in which candidates narrate experiences they’ve had or explore hypothetical scenarios. Meta’s head recruiter said the company expected candidates to turn on their camera for video interviews, though it can accommodate any circumstances that make it hard to do so.

Still, the subtler stresses of the interview process remain: In a corporate culture where a popular term of art is transparency, how much of your true personality can you reveal before you’re hired? Should you be yourself if yourself might not get you the job?

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Your Inflation Questions, Answered

Inflation is high and has been for months. It’s weighing on consumer confidence, making policymakers nervous and threatening to eat away at household paychecks well into 2022.

This is the first time many adults have experienced meaningful inflation: Price gains had been largely quiescent since the late 1980s. When the Consumer Price Index climbed 7 percent in the year through December, it was the fastest pace since 1982.

Naturally, people have questions about what this will mean for their pocketbooks, their finances and their economic futures.

Closely intertwined with price worries are concerns about interest rates: The Federal Reserve is poised to raise borrowing costs to try to slow down demand and keep the situation under control.

furniture and camping gear.

That rapid consumption is running up against constrained supply. Factories shut down early in the pandemic, and in parts of Asia, they continue to do so as Omicron cases surge. There aren’t enough containers to ship all of the goods people want to buy, and ports have become clogged trying to process so many imports.

expanding their profits.

In theory, competition should eat away at extra earnings over time. New firms should jump into the market to sell that same products for less and steal away the customer. Existing competitors should ramp up production to meet demand.

But this may be a unappealing time for new firms to enter the market. Established companies may be hesitant to expand production if doing so involved a lot of investment, because it is not clear how long today’s strong demand will last.

“It is a very uncertain environment,” said Matthew Luzzetti, chief U.S. economist at Deutsche Bank. “A new firm stepping in is a lot of investment, with a lot of financial risk.”

Until companies can produce and transport enough of a given product to go around — as long as shortages remain — companies will be able to raise prices without running much risk of losing customers to a competitor.

In past periods of inflation, do employers typically increase wages or award higher-than-average yearly increases to help employees offset inflation? If so, in what industries is this practice most common? — Annmarie Kutz, Erie, Pa.

There is no standard historical experience with wages and inflation, Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said during an interview with The New York Times on Twitter Spaces last week.

lower-wage service industries have been competing mightily for workers in recent months, and pay is climbing faster there.

“The history isn’t so clear that cost of living translates into higher wages, but that’s largely because inflation has been low and stable for a very long time,” Ms. Daly said.

in December projected that price gains will drop back below 3 percent by the end of the year, and will level off to normal levels over the longer term.

are adjusted for inflation, so those should keep pace with price gains. Bonds that pay back fixed rates do less well during periods of inflation, while stock investments — though riskier — tend to rise more quickly than consumer prices. Ms. Benz recommends holding assets across an array of securities, potentially including inflation-protected securities such as some exchange-traded funds or Treasury Inflation Protected Securities, commonly called TIPS.

“It argues against having too much in cash,” Ms. Benz said. “That’s too much dead money.”

We currently have low unemployment, strong wage growth (largely through attrition / voluntary retirements), easy monetary policy and now rising inflation. What are other periods of time when the United States had these conditions? How did things work out then? — Harshal Patel, Moorestown, N.J.

Jared Bernstein, a member of the White House Council of Economic Advisers, pointed to the post-World War II period as a reference point for the present moment.

“Demand was strong, and supply was constrained,” he said in an interview. “That’s a very instructive path for us.”

The good news about that example is that supply eventually caught up, and prices came down without spurring any greater crisis.

Other, more worried commentators have drawn parallels between now and the 1970s, when the Fed was slow to raise rates as unemployment fell and prices rose — and inflation jumped out of control. But many economists have argued that important differences separate that period from this one: Workers were more heavily unionized and may have had more bargaining power to push for higher wages back then, and the Fed was slow to react for years on end. This time, it’s already gearing up to respond.

about price controls in a recent article, and vocal minority think the 1970s experience unfairly tarnished the idea and that it might be worthwhile to reopen the debate.

“This is a great suppressed topic,” said James K. Galbraith, an economist at the University of Texas. “It was absolutely mainstream from the start of World War II until the Reagan administration.”

If inflation is being caused by supply chain problems, how will raising interest rates help? — Larry Harris, Ventura, Calif.

Kristin J. Forbes, an economist at the Massachusetts Institute of Technology, said that a big part of today’s inflation ties to roiled supply chains, which monetary policy can’t do much to fix.

But trade is actually happening at elevated levels even amid the disruptions. Factories are producing, ships are shipping, and consumers are buying at a rapid clip. It is just that supply is not keeping up with that booming demand. Higher interest rates can relieve pressure on demand, making it more expensive to buy a boat or a car, cooling off the housing market and slowing business investment.

“A good part of the supply chain problems, you can’t do anything about,” Ms. Forbes said. “But you can affect demand. And it is the combination of the two which determines inflation.”

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How to Find ‘Stalkerware’ on Your Devices

Fighting stalkerware is tough. You may not suspect it’s there. Even if you did, it can be difficult to detect since antivirus software only recently began flagging these apps as malicious.

Here’s a guide to how stalkerware works, what to look out for and what to do about it.

Surveillance software has proliferated on computers for decades, but more recently spyware makers have shifted their focus to mobile devices. Because mobile devices have access to more intimate data, including photos, real-time location, phone conversations and messages, the apps became known as stalkerware.

Various stalkerware apps collect different types of information. Some record phone calls, some log keystrokes, and others track location or upload a person’s photos to a remote server. But they all generally work the same way: An abuser with access to a victim’s device installs the app on the phone and disguises the software as an ordinary piece of software, like a calendar app.

From there, the app lurks in the background, and later, the abuser retrieves the data. Sometimes, the information gets sent to the abuser’s email address or it can be downloaded from a website. In other scenarios, abusers who know their partner’s passcode can simply unlock the device to open the stalkerware and review the recorded data.

So what to do? The Coalition Against Stalkerware, which was founded by Ms. Galperin and other groups, and many security firms offered these tips:

In the end, there’s no true way to defeat stalkerware. Kevin Roundy, NortonLifeLock’s lead researcher, said he had reported more than 800 pieces of stalkerware inside the Android app store. Google removed the apps and updated its policy in October to forbid developers to offer stalkerware.

But more have emerged to take their place.

“There are definitely a lot of very dangerous, alarming possibilities,” Mr. Roundy said. “It’s going to continue to be a concern.”

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Child Tax Credit Payments Have Begun. Should You Opt Out?

“The advance of the credit reduces the total amount of taxes paid,” said Rob Seltzer, an accountant in Los Angeles. “So there could be a problem with an estimated tax penalty,” depending on how much the taxpayer earns this year compared with last. It may make sense to run a tax projection with a professional to see if it makes sense to opt out.

You need to live in the United States for more than half of 2021 to be eligible for the advanced payments, but expatriate taxpayers can still claim the expanded credit on their return, according to the I.R.S. (The refundable portion of the credit, however, will be curtailed to the prior $1,400 limit.) Military members stationed abroad are still eligible for the advanced payments.

Some households are simply accustomed to getting a large refund when they file, using it as a forced savings plan. If you have come to depend on a big refund, you can opt out of all future payments and receive the full value of the credit when you file your return next year.

“Opting out or making changes to the payment comes down to personal preference of when and how you want to receive the money,” said Andy Phillips, the director of the Tax Institute at H&R Block. “If you prefer monthly payments of smaller amounts, no need to make changes.”

Sheila Taylor-Clark, a certified public accountant and secretary of the National Society of Black C.P.A.s, has practical advice for clients who don’t necessarily want to opt out but who may be uncertain on where they stand: “Drop that money into an interest-bearing account, so if you owe money you can just send that back next April,” she said.

To opt out of receiving the payments, taxpayers should visit the Child Tax Credit Update Portal. If you don’t already have an account, you’ll need to create one. And if you’re married and file a joint return, both spouses will need to create accounts and opt out; spouses who don’t opt out will continue to receive half of the advance monthly payment.

Besides stopping the checks, the portal can be used to check the status of your payments; change the bank account receiving them; or to switch your payments to direct deposit from paper checks.

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The Coronavirus Pandemic Safety Net Is Coming Apart. Now What?

Distressed homeowners with loans owned by private banks or investors should contact their mortgage servicer to see what options they’re offering. Some of them have followed a framework similar to federally backed loans, but others’ terms may be murkier.

No matter what type of loan you have, the most important action to take now is to reach out to your mortgage servicer to find out when your payments will resume and how much they will be. If you cannot afford them, the servicer can lay out your options. For more guidance, you can also seek out a housing counselor.

The changes made to food stamps — now largely known as the Supplemental Nutrition Assistance Program — during the pandemic were complicated.

But one significant change, a 15 percent bump in benefits for all recipients, runs only through Sept. 30. So if you currently receive SNAP benefits, they may go down then. (Congress is considering an extension, SNAP policy experts said, and other changes unrelated to the pandemic — including a regular inflation adjustment, along with a potential change to the basket of food that benefits are based on — could also help offset any potential cuts.)

A number of other temporary changes will remain in many states for several more months.

Those changes increased benefits for the program, which is federally funded but run through the states. Beneficiaries have received emergency allotments, which increased their monthly benefits to the maximum amounts permitted or higher. All told, the average daily benefit per person rose to $7 from $4 by April of this year, according to Ellen Vollinger, legal director at the Food Research & Action Center.

Access to the program also became somewhat easier: Certain college students became eligible, unemployed people under 50 without children weren’t subject to time limits and there were fewer administrative hurdles to remaining enrolled, experts said.

The extra allotments can continue to be paid as long as the federal government has declared a public health emergency, which is likely to remain for at least the rest of the year. But the state administering the benefits must also have an emergency declaration in place, and at least six states — Arkansas, Florida, Idaho, North Dakota, South Dakota and South Carolina — have either ended or will soon begin to pull back that extra amount, according to the Center on Budget and Policy Priorities.

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From the Heart to Higher Education: The 2021 College Essays on Money

Despite the loud busking music, arcade lights and swarms of people, it was hard to be distracted from the corner street stall serving steaming cupfuls of tteokbokki — a medley of rice cake and fish cake covered in a concoction of hot sweet sauce. I gulped when I felt my friend tugging on the sleeve of my jacket, anticipating that he wanted to try it. After all, I promised to treat him out if he visited me in Korea over winter break.

The cups of tteokbokki, garnished with sesame leaves and tempura, was a high-end variant of the street food, nothing like the kind from my childhood. Its price of 3,500 Korean won was also nothing like I recalled, either, simply charged more for being sold on a busy street. If I denied the purchase, I could console my friend and brother by purchasing more substantial meals elsewhere. Or we could spend on overpriced food now to indulge in the immediate gratification of a convenient but ephemeral snack.

At every seemingly inconsequential expenditure, I weigh the pros and cons of possible purchases as if I held my entire fate in my hands. To be generously hospitable, but recklessly drain the travel allowance we needed to stretch across two weeks? Or to be budgetarily shrewd, but possibly risk being classified as stingy? That is the question, and a calculus I so dearly detest.

Unable to secure subsequent employment and saddled by alimony complications, there was no room in my dad’s household to be embarrassed by austerity or scraping for crumbs. Ever since I was taught to dilute shampoo with water, I’ve revised my formula to reduce irritation to the eye. Every visit to a fast-food chain included asking for a sheet of discount coupons — the parameters of all future menu choice — and a past receipt containing the code of a completed survey to redeem for a free cheeseburger. Exploiting combinations of multiple promotions to maximize savings at such establishments felt as thrilling as cracking war cryptography, critical for minimizing cash casualties.

However, while disciplined restriction of expenses may be virtuous in private, at outings, even those amongst friends, spending less — when it comes to status — paradoxically costs more. In Asian family-style eating customs, a dish ordered is typically available to everyone, and the total bill, regardless of what you did or did not consume, is divided evenly. Too ashamed to ask for myself to be excluded from paying for dishes I did not order or partake in, I’ve opted out of invitations to meals altogether. I am wary even of meals where the inviting host has offered to treat everyone, fearful that if I only attended “free meals” I would be pinned as a parasite.

Although I can now conduct t-tests to extract correlations between multiple variables, calculate marginal propensities to import and assess whether a developing country elsewhere in the world is at risk of becoming stuck in the middle-income trap, my day-to-day decisions still revolve around elementary arithmetic. I feel haunted, cursed by the compulsion to diligently subtract pennies from purchases hoping it will eventually pile up into a mere dollar, as if the slightest misjudgment in a single buy would tip my family’s balance sheet into irrecoverable poverty.

Will I ever stop stressing over overspending?

I’m not sure I ever will.

But I do know this. As I handed over 7,000 won in exchange for two cups of tteokbokki to share amongst the three of us — my friend, my brother and myself — I am reminded that even if we are not swimming in splendor, we can still uphold our dignity through the generosity of sharing. Restricting one’s conscience only around ruminating which roads will lead to riches risks blindness toward rarer wealth: friends and family who do not measure one’s worth based on their net worth. Maybe one day, such rigorous monitoring of financial activity won’t be necessary, but even if not, this is still enough.

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5 Tips to Take Command of Your iPhone

Last month, Apple released an update to its operating system, iOS 14.5, which gives users more control of their personal data. But if you’re looking to gain more control over the iPhone itself, you also have options. Want to put your favorite apps within easy reach, tag friends in Messages or set your preferred browser to open links? You can do all that and more.

Here are a few quick tips for enhancing the iPhone experience. Next week’s Tech Tip column will round up a few helpful hints for the Android faithful.

The Control Center — that handy panel of often-used settings summoned with a finger swipe — first appeared back in 2013 and got more useful when Apple began to let users add their preferred buttons a few years later. If you haven’t tinkered with your Control Center to add the features and functions you use the most, just open the Settings icon on the home screen, scroll down to Control Center and give it a tap.

Credit…Apple

From the list on the next screen, choose the icons for the apps and settings you want to live in your Control Center. While tools like the Flashlight are typically there by default, you can remove those you never use and add icons for apps you want, like the Magnifier, the QR Code scanner or even the Shazam music recognition feature. To rearrange the order of the icons on the screen, drag them up and down the list before you close the Settings app.

Back Tap feature to have your iPhone perform a specific action when you give it quick taps on the back.

Credit…Apple

To set it up, open the Settings, select Accessibility and then Touch, and scroll down to Back Tap. Once you select Back Tap, select either Double or Triple Tap and choose an action on the next screen, like opening the Spotlight search app or the Control Center or running a Shortcut you’ve set up with Apple’s Shortcuts app. You can assign two separate tasks to the Double Tap and Triple Tap functions — and Back Tap should work even if your iPhone is in a case.

Tired of the iPhone always opening the Safari browser instead of your favored DuckDuckGo when you tap a link, or firing up Apple’s Mail program instead of the Gmail app when you select an email address from your Contacts list? If your iPhone is running iOS 14 or later, you can choose the apps you want as your default programs.

Messages chat or get someone’s attention in a group conversation, just as you can on some social media platforms? You can do both.

Credit…Apple

To reply to a certain message in either a one-on-one or group chat where everyone is using the Messages app, press your finger on that message until a menu appears. Select Reply, enter your response and tap the blue Send arrow. To tag someone in a conversation so he or she gets a notification, put the @ symbol in front of the name or just type the name and select it when it pops up onscreen from your Contacts.

Apple’s Siri voice assistant, celebrating a decade on the iPhone this October, has been losing ground in knowledge and usefulness to Amazon’s Alexa and the Google Assistant in recent years. To boost Siri’s powers, Apple added more skills in iOS 14. And with iOS 14.5, it now includes a more diverse set of voices.

Credit…Apple

To change how and when Siri sounds, open the Settings icon on the home screen, select Siri & Search and make your selections. You can also opt to display your conversations on the screen by tapping Siri Responses and turning on “Always Show Siri Captions” and “Always Show Speech” to make sure you see the last word, too.

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What Digital Nomads Need to Know About Taxes Abroad

It’s risky. Employers need to know where their employees work in case their presence leads to corporate tax obligations abroad. The risk is higher when employees are bringing in revenue for companies, such as in sales positions, said David McKeegan, who co-founded Greenback Tax Services, an accounting firm for U.S. expatriates.

Still, many companies are operating on a “don’t ask, don’t tell” policy. A science writer in his 50s from California, who was granted anonymity because he did not want senior managers to know he had worked from Costa Rica for a few months, said his human resources department discouraged employees from working outside of California, but did not say anything explicit about working abroad. His setup from an Airbnb by the beach worked perfectly until he lost power because of a hurricane and had to work from a bar a few times. He used his company’s Zoom background, but colleagues started asking about where he was when they heard ocean waves and music. “At a restaurant,” he would tell them, without elaborating.

As more people work from abroad, it may be harder for companies to turn a blind eye. About 10.9 million Americans last year described themselves as digital nomads — people who work remotely and tend to travel from place to place — up from 7.3 million in 2019, according to MBO Partners, which provides services for self-employed workers.

“The tax system globally right now is not prepared for what the work force is going through,” Mr. McKeegan said. “I think at some point we’ll see a system where people are asked on the way in or out if they were working and countries will try and get some more tax revenue from this very mobile work force.”

Potentially. If you qualify for the Foreign Earned Income Exclusion, your first $108,700 is exempt from U.S. income tax. But keep in mind that this applies only if you’re a U.S. citizen who resides in a foreign country for more than 330 days within 12 consecutive months, not including time on planes, or if you are a bona fide resident of a foreign country. (You would still have to pay federal and state taxes on unearned income including interest, dividends and capital gains.)

It is important to track the number of days abroad to be able to prove to U.S. tax authorities that you were there.

Paige Brunton, 30, a Canadian website designer based in Hannover, Germany, learned about how complicated the tax rules are for expats the hard way: One year, she had to file tax returns in three countries. The situation was unavoidable, since she had lived and worked in Germany, Canada and the United States during that tax year, but her biggest advice for others who may have complicated situations is to get an accountant who specializes in international tax right away.

“Don’t congregate in Facebook groups and Google, it’ll really stress you out,” she said.

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