2026-10-01 · YN 상세페이지

Year-End Tax Settlement Refund: How to Maximize Your Return

Year-end tax settlement is a topic of great interest to employees every year. How can you increase your refund amount? This article introduces ways to maximize your refund.

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Accurate preparation is key to year-end tax settlement.

Difference Between Tax Credits and Income Deductions

To increase your refund during year-end tax settlement, it is important to understand the difference between tax credits and income deductions. Income deductions reduce taxable income, while tax credits directly reduce the amount of tax owed. Therefore, maximizing tax credits can significantly increase your refund. Common tax credits include medical expenses, education expenses, and donations. Additionally, it is important to manage basic and additional deductions through income deductions.

How to Utilize Basic and Additional Deductions

Basic deductions refer to deductions for oneself and dependents. Through basic deductions, you can receive deductions based on your income and that of your spouse, children, and parents. Additional deductions are supplementary deductions for children or elderly dependents, with the deduction amount increasing based on the number of children. Therefore, families with children must apply for deductions for their children. Effectively utilizing additional deductions can greatly reduce your tax amount.

Maximizing Medical Expense Tax Credits

Medical expenses are the item with the potential for the highest refunds among tax credit items. You can include not only your medical expenses but also those of your dependents, so it's important to keep track of your family's medical receipts. Especially considering that you can receive a 15% tax credit on medical expenses, if you have incurred significant medical costs, you can expect a considerable refund. Also, don’t forget to calculate your total expenditure excluding any insurance payouts.

Utilizing Education Expense Tax Credits

Education expenses are also an important item for tax credits. Since you can include not only your education expenses but also those of your children, you can receive many benefits in this area if you have children. This includes tuition fees for elementary, middle, and high school as well as university tuition, with a maximum deduction of up to 3 million won per year for children in high school or below. Therefore, it's necessary to carefully record and organize education expenses to maximize your tax credits.

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Utilizing Donation Tax Credits

You can also receive tax credits through donations. Tax credits for designated donations allow you to deduct 15% of your donation from your tax amount. Therefore, if you donate to public interest organizations such as social welfare groups or cultural foundations, be sure to keep the receipts and apply for tax credits accordingly. Donations contribute to society, so it’s a win-win situation that allows you to do good while enjoying tax credit benefits.

Organizing Credit Card Usage Records

Tax credits for credit card usage should not be overlooked. You can deduct a certain percentage of your annual spending from your tax amount. Particularly, if your credit card spending exceeds 25% of your total salary, you can receive additional deductions. Therefore, it is important to record and manage your everyday spending with a credit card. Since you must submit your card usage records during year-end tax settlement, it is advisable to organize them in advance at the end of the year.

Comparison of Year-End Tax Settlement Deduction Methods

Item	Recommended Method	General Method
Basic Deduction	Include all dependents	Include only yourself
Medical Expenses	Include all family members	Include only yourself
Education Expenses	Maximize children's education expenses	Include only minimal education expenses
Donations	Utilize designated donations	Include only irregular donations

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When preparing for year-end tax settlement, it is important to keep all receipts and prepare necessary documents in advance. Additionally, a precise understanding of deduction items is required.

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Verify dependent income
Collect medical expense receipts
Organize education expense receipts
Check credit card usage records
Keep donation receipts

📌 핵심 요약

To increase your refund during year-end tax settlement, you must effectively utilize various deduction items. It’s crucial to thoroughly manage basic and additional deductions, medical expenses, education expenses, donations, and credit card usage. Prepare strategically to receive the maximum refund possible.

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FAQ

When can I check my year-end tax settlement refund amount?

Typically, you can check your refund amount within 2 to 3 months after the year-end tax settlement is completed.

What are the conditions for claiming dependent deductions?

You can receive deductions if the annual income of the dependent is below 1 million won.

What are the conditions for receiving credit card deductions?

You must exceed 25% of your total salary in annual credit card usage to receive additional deductions.