HERE YOU WILL FIND LIST OF TAX DEDUCTIONS FOR YOUR NORWEGIAN TAX DECLARATION 2024 IF YOU OWN SOLE PROPRIETORSHIP.
Remember, that you can ask for postponed deadline until 31 of May to deliver your tax declaration as a sole proprietorship owner. New deadline with that will be 30 of June.
There are a number of different costs you can have in a company that gives tax deductions, but the most common are all types of costs related to the operation of the company.
These costs, entered in the accounts, reduce your profit, which results in you paying less tax – because you only pay tax on your profit.
Since many self-employed people are unsure of what can be written for deduction in their sole proprietorship, I created a comprehensive list which includes some you may forget about or overlook. ⬇️ ⬇️ ⬇️
What gives tax deduction?
You can claim a deduction for all expenses that are relevant to your business, ranging from office furniture and the use of a car, to software and pensions. The requirement for you to be entitled to a deduction is that the expense is relevant to your enterprise, and just as important: You must document these. This means that you must keep and be able to present the receipts and invoices.
Expenses must be linked to what your company does, and be relevant to the operation. There are grey areas here, of course. This is because it is not always easy to decide what is relevant and what is not.
But remember: It is not about squeezing in as many deductions as possible, and thus reducing your profit to a minimum. The tax must be correct, not least at all costs.
Feel free to share this, if it was useful, and if you have questions, I will be happy to help down below in comment section ⬇️
Maria Markes 