New Year, New Opportunities: Finances to Review Before Aftonaddy
With the new year approaching, it’s a perfect time to assess your financial situation. Here are some aspects to consider reviewing before the clock strikes midnight on New Year’s Eve:
Maximize Your BSU Account and Tax Deductions
Checking and contributing to your individual savings account (BSU) before the new year is a smart move. Different banks have varying deadlines, so check with your bank to ensure you maximize your deductions.
Temporary Jobs and Earned Income
If you’re a student, you likely have some free time between exams and the new semester. Consider picking up a temporary job to earn extra cash, which can also be tax-free. Many industries offer good pay during holidays and weekends.
Review Your Digital Tax Card
The digital tax card for 2025 was made available on December 16, 2024. Familiarize yourself with the details and ensure all your information is correct. Inaccuracies could lead to either overpaying your taxes or facing a hefty penalty.
Don’t Forget About IPS
Similar to BSU, contribute to your individual pension savings (IPS) before the end of the year to secure tax deductions. Keep in mind that not all banks process transactions on New Year’s Day, so plan accordingly.
Gift to Charitable Organizations
Review the list of approved organizations for tax-deductible gifts on the Skatteetaten website. Doing so allows you to support a good cause while minimizing your taxable income.
Formue and Wealth Tax
The wealth tax threshold stands at NOK 1,760,000. Any wealth above this amount is taxed at 0.85%. However, you can take advantage of the 20% tax discount on share funds or make advance payments on inheritance or gifts to minimize your tax liability.
Consider Your Financial Goals for 2025
New Year’s Eve is an excellent time to reflect on your financial status, plan for the upcoming year, and make any necessary adjustments. Keep track of your spending during the holiday season to avoid any unwanted surprises in January.
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