Online Newspaper: The tax card for 2023 is being sent these days. When asked what’s the most important thing to look out for on next year’s tax card, Cecile Tvedenstrand, consumer economist at Storebrand, answers:
– Check that the information on the tax card is correct! It is not certain that completely up-to-date figures are available for loans and loan interest. These are likely to be the items with the biggest impact in 2023.
– Check other information such as bank deposits, home equity, whether you’re registered as a union member and childcare costs, he highlights.
Kjell Magne Ryland, tax advisor at the Taxpayers Association, supports the Consumer Economist:
– Remember that you are responsible for ensuring that the correct tax is deducted. Everyone should check their tax card. For example, if you’ve bought or sold a home and therefore have a higher or lower mortgage than before, it’s important to look at that.
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Large interest deductions
In these times of skyrocketing electricity prices and high interest rates, it’s even more important to check that you’re making the right payments each month. As interest rates rise from this year to next, interest expenses could provide a larger, increased tax deduction from 2022 to 2023.
The average home interest rate this year will be approx. 2.8 percent, With new projections from Norges Bank The average interest rate will rise to 4.3 percent in 2023, an increase of 1.5 percentage points.
– For a loan of 3 million, this is NOK 824 less tax per month, almost NOK 9,900 per year. If you and your partner have 5 million loans, we are talking about NOK 1,373 a month, almost NOK 16,500 a year in reduced tax, says Tvetenstrand.
Wealthy people should also note that the Solberg government has raised the valuation allowance for stocks and mutual funds to 45 percent in 2021, but it will drop to 25 percent in 2022. Next year, the rebate is only 20 percent, so care must be taken here to avoid impact on wealth tax.
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Injustice
For the main house, 25 percent of the house value up to NOK 10 million, 50 percent for the excess amount. This proportion will rise to 70 percent by 2023.
– This will affect many pensioners who live in areas where house prices have been skyrocketing and unfair. It affects homeowners with completely normal homes, a big city tax, says Divedenstrand.
The government decided last autumn to reduce the scope of the deduction BSU project It will be increased from 20 percent this year to 10 percent by 2023. The scheme is popular among under-34s who are saving for their own home.
– This is very sad, because BSU is a target equity for many and a very suitable opportunity for first time buyers. But the BSU plan is still the best risk-free savings, you can save up to NOK 27,500 this year and NOK 2,750 in deductions for 2023, according to Storebrand’s consumer economist.
Higher share taxes
Interest income from bank deposits is subject to 22 percent tax. But there is no tax on the appreciation in stocks and mutual funds, on the other hand, now in 2022 and 2023 you will have to pay 37.84 percent tax when you sell on profits.
You have a Stock Savings Account, you can buy and sell stocks and mutual funds tax-free. Profits are not taxed and no deduction is given for losses until the value is placed in the account.
– You can withdraw your price tax-free for the deposited amount at any time. On the other hand, if you take out more than the cost price, the excess is taxed after subtracting any shield deduction, says Tvedenstrand.
Thousands of new pensioners are getting pension every year. Tvetenstrand says it’s important to check their tax card when they retire.
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Low tax
– Check if the tax card includes pension income as you will most likely get slightly less tax. Pensioners lose so much in income that the advice is not to pay more tax than they should.
Many appreciate the announcement in the spring that they have recovered their tax. A hangover is less pleasant. But is there a specific point of withdrawal?
– No, many people enjoy tax refunds like winning the lotto. They actually do get money back, and there’s nothing wrong with that. But you won’t get that much interest, and an extra hundred or thousands a month would be nice, says Tvedenstrand.
Table cards
The employer deducts tax according to a table (table card) or a percentage (percentage card). The table card is based on the ratio between income and deductions. The higher your monthly income, the higher the tax deduction.
When tax cards are mailed out in December, most people on fixed incomes will receive schedule cards. But if you change your tax card on or after February, the table card will be converted into percentage card.
– If so, even if you change jobs or get fired, follow-up is still important because you still need to be careful about updating yourself. But whether it’s a tabular card or a percentage card, when things happen in life that affect your tax you need to go in and check the card.
– Make sure you pay the correct taxes throughout the year, avoiding getting a hangover, and there are no major consequences one way or the other, says Tvedenstrand. In theory, you can change your tax card whenever you want, but the advice is primarily when major life changes occur.
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Net Exemption
When the schedule card is determined, the tax agency takes as its starting point the net deductions (capital income, capital expenditure and the like) of the previous year, not the amount of income.
– Therefore, you should carefully look at the overview of the capital gains and deductions that the tax authorities think you will get in the coming year. If it’s incorrect, Ryland says, you should correct the amounts and request a new tax card from the Swedish Tax Agency.
– A percentage card does not take into account changes in the ratio between income and deductions like a table card. If you have more or less income or bigger or smaller deductions than recorded, you risk paying too little or too much tax, he continues.
Even if the calculation base of your tax card is correct, if you want to deduct more tax, you need not apply for a new tax card.
More possibilities
There are only a few weeks left in the year. So it is late to change the tax card for the month of December.
– Are there steps that can be taken before the New Year to reduce taxes for 2022?
– If you are young and have saved for housing, you will only get a 20 percent discount on the BSU allowance up to NOK 27,500 in 2022. Are you saving for retirement? I.P.S, Tvetenstrand answers that you can get tax deferred until you pay and save up to NOK 15,000 and get tax credits up to NOK 3,300. She reminds you that the money you save here is locked into retirement.
Those who have losses in stocks and mutual funds can deduct 37.84 percent of losses through ordinary securities accounts.
– You can then make gifts to charity and get a tax deduction of up to NOK 25,000. This amount limit has been halved from last year, says a consumer economist.
Cabin owners struggling with high electricity bills have a tax-free rental option during Christmas.
– Yes, you can rent a cabin tax-free up to NOK 10,000. Tvedenstrand says 85 percent of the excess is taxed at 22 percent.
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