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  • How to Make Use of the Residual Tax

How to Make Use of the Residual Tax

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October 10, 2020October 10, 2020 No Comments
How to Make Use of the Residual Tax

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Interest will be calculated on the residual tax from the beginning of February. The interest runs until the first due date of the tax. A reduced interest rate of 2% will accrue on the residual tax for 2020. An additional EUR 20 will be deducted from the interest. The full amount of interest is deducted when it is less than 20 euros.

From the pre-filled tax return, you should immediately check that all the tax deductibles have been added to the tax return. In this way, the potential amount of residual tax may be much lower than the original. At the very least, travel tax deductions, mortgage interest deductions, household deductions, and income tax deductions should be reported to the taxpayer. The use of the business calculator is essential there.

Residual tax and default interest

Interest on arrears accrues on late residual tax. Interest on arrears shall accrue one day after the due date has expired and shall accrue until taxes are paid. The default interest rate will be 7% in 2020. The earlier the overdue taxes pay off, the less default interest will accrue.

The easiest way to find out the default interest is with the interest calculator found on the Vero.fi website.

Late taxes become 1-3 payment requests before unpaid taxes go to collection. The payment order always states when the tax must be paid at the latest before it is sent for foreclosure. If necessary, a person can apply for a payment arrangement for residual tax . You can apply for a payment arrangement through Tax.

Fortunately, the residual tax is reported on time, so it should be able to be paid without any problems. There are several months between the receipt of the pre-filled tax return and the date of payment of the residual tax, so the person can easily save the required amount before the due date . If this fails you may want to consider a loan with which to pay the residual tax or payment arrangement.

Residual taxes in USA

In 2020, a residual tax will be levied on approximately 370,000 people. 3.8 mats are paid for by about 330,000 Finns and mats are paid for about 105 million euros.

Tax refunds will be paid in August 2020 to 1.9 million Finns. Approximately EUR 900 million in tax refunds will be paid. In September, about 0.7 million Finns will receive tax refunds. In this case, tax refunds of approximately EUR 500 million will be paid. Most Finns receive tax refunds.

How to avoid residual tax?

The residual tax is never a nice surprise. The most important measure to avoid a residual tax is to monitor the tax rate regularly . If you change jobs, you have to be really careful with taxation. You can make the necessary changes to the tax rate by ordering a new tax card or managing the changes in the Tax service.

Check the tax rate

Residual tax is levied when a person has not been charged enough taxes. The withholding tax has been too low and is offset by a residual tax, i.e. bumps. A new tax card comes to Finns’ homes once a year. The tax card usually arrives around the turn of the year. The tax card must be considered as the withholding tax rate, i.e. the tax rate. Income is taxed based on the information on the tax card. If you wish, you can also handle tax matters in the Tax service.

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