Before Easter comes the Tax Report – a boring set-up with income and expenses for 2023. Fun for the numbers nerds, horrible for others. 18-year-old Emma Yael Husebye earned more than the free card limit last year. This year she will fill in her first tax return. First attempt Emma Yael Husebye (18) will soon receive her very first tax notice. Photo: Private – I knew that the free card limit was NOK 70,000 and thought I might have exceeded it because I worked a lot this summer. But I didn’t quite know where to check it, says Husebye. When news contacted her, she had not thought about whether she should pay tax this year or not. – I couldn’t bear to get into it until I had to, she says. Dad said she had to check at Skatteetaten.no. – I logged in and saw what I earned last year. It also said that I have to fill in updated numbers, dad will help me with that. This is what it looks like when you check whether you have exceeded the free card limit: Go to Skatteetaten.no, click on tax, click on my tax, click on see my tax and log in with BankID. Until the tax return is sent out, it will say that your tax return is not ready. Photo: Screen dump / The Swedish Tax Agency The overview showed that Emma earned 81,300 last year, 10,300 more than the tax-free limit. Therefore, this year she has to pay tax and submit a tax return for the first time. Photo: Screen dump / The Swedish Tax Agency The layout also shows what information the Swedish Tax Agency has about you. Photo: Screen dump / Swedish Tax Agency You can also add information that has not been pre-entered. Photo: Screen dump / Swedish Tax Agency Since Emma earned more than the free card limit, it says how much she will get in the backlog when the tax settlement comes. Photo: Screen dump / Tax Administration Those who remain silent agree – It is good if they look at the Tax Notice with an open mind and try to understand the tax in Norway. It is an important part of our society, says Rolf Lothe, solicitor and specialist manager at the Taxpayers’ Association. Photo: Karina Kaupang Jørgensen / news On March 7, the first tax returns are expected. Then the rest comes in several pools until March 21. If you do not open it, you automatically accept what is written there and become responsible for any errors. – If the numbers don’t add up, you can be punished for not doing the numbers yourself. You risk having to pay penalty tax of 20 per cent if you do not correct the figures, explains Rolf Lothe from the Taxpayers’ Association. The people who made the layout don’t know you. Therefore, you should not trust the numbers they have inserted. – Many people probably think it’s a boring job, but it has to be done, and you do it for your own sake, he adds. Tax virgins are often young without a car or a home. Fortunately, the tax return is quite simple, with entries about salary, interest and perhaps BSU. Then it is up to you to check whether the salary is correct. Find more deductions Think back to 2023. Go through the calendar on your phone and photos or Snapmap to remember what jobs you had and what you earned there. Have you sold crypto at a loss, given money to emergency aid or something else for which you can get a deduction? Go tax hunting with the tax deduction advisor. A good tip is to get help from an adult. Someone you trust can access your tax return and make the changes for you. When the actual settlement comes, the figures are final. Then you will know exactly how much you will get back or have to pay in retrospect. The settlement comes in October at the latest. Now Emma Yael Husebye has to do like everyone else, wait for notification that the tax return is ready, and check it here. This is new in the Tax report Deduction news: The deduction rate for Housing savings for young people (BSU) was reduced from 20 per cent to 10 per cent of the paid-in savings amount. The deduction for trade union dues increased from NOK 5,800 to NOK 7,700. The wealth tax for net assets between NOK 1.7 and 20 million increased from 0.95 to 1 per cent before 2023. The personal allowance increased from NOK 58,250 to NOK 79,600. The upper limit for minimum deductions in salary/social security was reduced from NOK 109,950 to NOK 104,450. The upper limit for the minimum pension deduction was reduced from NOK 90,800 to NOK 86,250. Co-borrower: This year, loans and interest on loans are distributed equally between co-borrowers in the tax return. Previously, it was the main borrower who received all of the loan and interest on loans on their tax return. This means that if you and your partner are both responsible for the mortgage, the loan and interest on the loan will be distributed 50 percent to each in your tax returns. You can change this yourself in the tax return, but then it is important that both change the percentage so that the total is 100 per cent. For some, this means that they have to change the distribution in the tax return if not everyone is to have an equal share of the loan. There may, for example, be parents who have helped the children into the housing market and can thus be listed as a co-borrower. If parents are not to include any of the loan in their tax return, they can change their share to 0 per cent. Then the child must increase his share to 100 per cent, so that the sum of the shares adds up to 100 per cent. Source: skatteetaten.no/medlantaker Key tax dates March 7: The tax return is sent out March 21: The last pool must have received the tax return April 30: Submission deadline for wage earners and pensioners May 31: submission deadline for self-employed persons Regardless of whether you open, check or edit the tax return the delivery deadline is 30 April. For entrepreneurs, the deadline is 31 May. 20 August: first payment deadline for residual tax The tax notice shows a preliminary calculation. Whether you have to pay residual tax or get money back can be changed with the information you add. Events that can affect the result in your tax return can be, for example, if you have moved, changed jobs, bought or sold a home, had a child, got married, bought a new car, bought or sold shares or rented out the cabin. Source: The Norwegian Tax Agency
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