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Fill out the BSU, give an inheritance advance and get a free card if you earn less than NOK 55,000 per year. There are many tips from experts to lower taxes.
(Warn Oslo): The year 2020 is in its final days, but there are still opportunities to do some smart tricks to save taxes and money in 2021. Warn Oslo (AO) has asked some well-known consumer economists and their best tricks for should be able to get some extra bucks in the new year.
When it comes to avoiding estate tax, or at least reducing it, a simple and generous trick may be the solution.
Advance the inheritance before the New Year
– You must tax net assets that exceed NOK 1.5 million. For spouses, who are similar, the amount is three million. If you are planning to give gifts or inheritance advances, you may want to do so before the New Year. Then, avoid net worth taxes above the quantity limits. But be careful not to impose estate tax on your children. If the gifts cause them to receive net assets that exceed the quantity limits, they must pay wealth tax, Nordea consumer economist Derya Incedursun tells Avisa Oslo.
– For children under 17 years of age in the fiscal year and who live with their parents, as a general rule, they will be taxed together with them.
As always, the BSU account is included when experts provide tax and savings advice.
Also read: Decide for yourself about your future before it’s too late
– Fill the BSU account. But be careful to make sure the money is in the account before the deadline, which is usually 12/31. Some banks have a few days before. Also, you should bear in mind that banks have different terms. For some banks the amount must be received before 12 noon, for others the deadline is 2pm. Check your bank’s websites for information, Incedursun reports.
BSU applies to everyone under the age of 34. In addition, you must have a taxable income and it is important to remember that the money must be spent on housing. In 2020, the amount of BSU is NOK 25,000. From this, you get 20 percent in tax deductions. This equates to NOK 5,000 in tax benefits per year.
– That deduction is worth gold. They both save for the home at a favorable interest rate and get a big tax deduction, says the consumer expert.
Get the bonus in January
If you’ve earned a large bonus or commission, it may be worth asking the employer to pay it in January rather than at the last minute in December.
– This may be worth it if you are close to crossing the tiered tax threshold in 2020 and expect to receive a lower salary payment in 2021.
If you’ve had a huge stock hit, you may have a little less than a third of the loss entered as a tax deduction. But this requires that there be money that is not put into a share savings account (AKS).
– If you intend to sell them in a short time, for example in January or February, you may want to do it before the New Year. Then you get a 31.68 percent loss tax deduction on next year’s tax return, Incedursun says.
It also reminds you that you can work tax-free for some neighbors or friends. If you agree to paint the house, change car tires, wash or install furniture, you can take NOK 6,000 tax-free per household you attend.
– But it assumes that the work is done in the person’s cabin or home. It is the individual household that is considered the employer. But the nature of the work should not be of such a large scale that it becomes a business. You should be careful to offer ten neighbors to paint the house, for example. But if you help two or three close neighbors, it’s definitely in. In case of doubt, contact the Tax Administration.
Get a free card
A little trick can be to agree an amount to paint the house of 10,000 crowns. So you can start work this year and take 6000 for it and continue next year and get paid for the last 4000 crowns.
– It’s inside, says the consumer expert.
For employees in their teens, or earning 55,000 kroner or less over the course of a year, it is important to get a free card.
– For those who have turned 13, they can get a free card and earn up to NOK 55,000 tax free. This amount is not included in the tax-free amount of NOK 6,000 per year that you can earn working for a neighbor, says Incedursun.
Also read: The percentage that nobody cares about is so important: – It can be three to four times cheaper (+)
Lene Drange is known to many as a television profile on “Luksusfellen” on TV 3, where she has helped many people get their finances back on track. In addition, he is behind the Instagram account @snaponomi, where he gives advice on personal finances and is up to date with a new book on how to achieve better family finances that will be released in mid-January.
– Old information
Among the various tips the expert gives you is a call to review the tax card.
– The tax card for 2021 is now available to most people. Then log in to the Tax Administration pages to see your numbers. Complete what you think you will earn next year, you can also easily complete debt, debt interest, wealth, etc. There are figures as of 12.31.21 that you must complete. Fill in to the best of your ability, but you can also change over the next year, tells Avisa Oslo.
– Your tax card is based on the information from your 2019 tax return, that is, what your personal finances were like almost a year ago! For example, if you bought a home or increased your loan in 2020, you should reduce your tax deduction for 2021, since your interest deduction has increased. And if you pay too much tax, you will get your money back anyway.
Read also: This is how Ingrid (29) managed to save a million crowns: These are her best tips (+)
It also comes with a savings tip for you and you who are self-employed.
– In addition to saving for a pension according to the rules of the Defined Contribution Pension Act, you can save up to seven percent of personal income between 1G and 12G (1G = NOK 101,351) with a full deduction in pensionable income. The amount of savings thus reduces both the tiered tax, the social security tax and the ordinary income tax, Drange says.
Double joy to give to charity
Incedursun in Nordea also recalls that individual pension savings (IPS) is a form of savings that provides a tax deduction before retirement.
– For those who pay income tax, this can be a good solution. At IPS, you can deposit 40,000 crowns per year and get a 22 percent tax deduction on everything you save. But it is important to note that you must pay the same tax on each payment when you retire. The money also cannot be used until the year you turn 62.
– IPS tends to have the same terms as BSU, so check your bank’s website.
If you save 40,000 in IPS, you get a tax deduction of NOK 8,800 per year.
Drange also encourages those of you who have not paid union dues to do so. There is money to save here too, at the most 3,850 kr each year. Also, remember that there is a tax cut on money donated to charities.
Also read: Lise (33) will retire when she turns 40; this is how you save 20,000 crowns per month (+)
– If you want to donate something to charities, it is good to do so before the end of 2020. If you give monetary gifts to some charities before the New Year, you will receive a tax deduction of 22 percent on the amount. In total, you can deduct such gifts for up to 50,000 crowns. You must give at least 500 crowns to each individual organization, to get the deduction.
Only organizations listed with the Tax Administration offer tax deductions for donations.
Read more Avisa Oslo cases here.
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