2026-09-21 · YN 상세페이지

How to Maximize Year-End Tax Refunds

Year-end tax settlement is a moment that many people look forward to every year. To maximize the amount you can claim back, it’s important to know a few strategies. In this post, we will introduce various methods to help you receive a larger year-end tax refund.

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Accurate information and planning are the keys to increasing your year-end tax refund.

Utilize Income Deduction Items

Income deductions are the most basic way to increase your refund during the year-end tax settlement. Various items such as medical expenses, education expenses, and donations are eligible for income deduction. In particular, medical expenses include treatment costs for family members, so it’s essential to check carefully. Education expenses also include tuition for children’s academies and college fees, so make the most of these. Be sure to check the limits and conditions of each item to avoid missing out.

Maximize Tax Credit Items

Tax credits differ from income deductions in that they are deducted directly from the actual tax owed. Examples include housing fund tax credits and credit card spending tax credits. You can claim a tax credit if your credit card spending exceeds 25% of your total income, so try to use your card as much as possible by the end of the year and keep your receipts well organized. Additionally, to receive housing fund tax credits, you need to maintain a housing subscription account, so it’s wise to prepare in advance.

Utilize Income Tax Reduction Benefits

Income tax reduction benefits are provided when certain conditions are met. For instance, households with three or more children can receive additional tax credits. There are also tax reduction benefits for women who have taken career breaks or after employment, so be sure to check if you meet these conditions. Since tax laws change frequently, it’s important to stay updated with the latest information and prepare any necessary documents in advance.

Utilize Retirement Savings and Individual Pensions

Retirement savings and individual pensions are excellent ways to receive tax credits. By subscribing to a retirement savings plan, you can receive tax credits up to a certain amount, which can provide significant long-term financial benefits. Notably, retirement savings can be withdrawn after age 55, making it advantageous for retirement planning. Individual pensions do not offer tax credits but have tax-saving advantages, so it’s best to utilize both products appropriately.

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Important Notes for Income Tax Reporting

When reporting income tax, it’s crucial not to miss deadlines. To receive your year-end tax refund, there are documents that must be submitted each January, so it's wise to prepare them in advance. Also, keep supporting documents well organized to avoid missing any items. Seeking help from experts can also be a good strategy. In particular, consulting with a tax professional can help you identify tax-saving methods.

Know the Refund Claim Process

To receive a refund through year-end tax settlement, it’s essential to follow the correct claim procedure. First, complete your income tax return, then claim your refund. This can be done online through the National Tax Service’s Home Tax or offline, so choose the method that works best for you. Refunds are generally deposited within 3 to 5 days, so it’s a good idea to check in advance.

Comparison of Year-End Tax Settlement Methods

Item	Recommended Method	General Method
Income Deduction	Up to 3 million KRW	Up to 1 million KRW
Tax Credit	Housing Fund 3 million KRW	None
Credit Card Usage	When exceeding 25%	None
Retirement Savings	Tax Credit Benefits	None

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When preparing for year-end tax settlement, organize necessary documents in advance and plan to utilize all possible deductions. In particular, managing family members’ expenses well is important.

✅ 체크리스트

Check income deduction items
Check tax credit items
Prepare supporting documents
Review credit card usage
Verify refund claim method

📌 핵심 요약

To increase your year-end tax refund, it’s important to effectively utilize various deductions. Carefully prepare all documents related to income tax reporting and organize necessary items into a checklist to assist you. Seeking advice from professionals can further solidify your tax-saving strategies.

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FAQ

What documents are needed to receive a year-end tax refund?

Key documents include the income tax return, income deduction supporting documents, and tax credit supporting documents.

How is the credit card usage tax credit calculated?

If your credit card spending exceeds 25% of your total income, you can receive a tax credit for the amount that exceeds this threshold.

When will the refund be deposited?

Refunds are typically deposited into the designated account within 3 to 5 days after filing the income tax return.