2026-09-12 · YN 상세페이지

Smart Ways to Increase Year-End Settlement Refunds

Year-end settlement is a time many people look forward to every year. To increase your refund amount, it's important to understand tax laws well and establish the right tax-saving strategies. In this article, we will introduce you to methods for maximizing your year-end settlement refunds.

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With the right information and strategies, you can increase your year-end settlement refunds.

Difference Between Income Deductions and Tax Credits

Income deductions and tax credits reduce taxes in different ways. Income deductions lower the taxable income, effectively reducing the basis on which taxes are imposed. In contrast, tax credits are directly deducted from the calculated tax, reducing the actual amount of tax owed. Therefore, it is important to utilize both types of deductions appropriately. A strategy that maximizes income deductions to lower taxable income, while using tax credits to reduce the final tax amount, is essential.

Essential Deduction Checklist

The first thing to check when preparing for year-end settlement is the essential deduction items. You need to check basic deduction items such as earned income deductions, personal deductions, medical expenses, education expenses, and housing fund deductions. Especially for those with families, additional deductions can be obtained through personal deductions. Keep receipts for medical and education expenses and ensure accurate entry of these amounts to maximize your refund. It is crucial not to miss any of these items.

Utilizing Tax Credit Items

Tax credits can be applied to various items. Representative examples include donations, insurance premiums, and credit card spending. Particularly for credit card spending, you can receive tax credits of up to 30% based on the amount spent. Therefore, it is advisable to increase credit card usage at year-end or utilize donations to take advantage of tax credits. Additionally, further tax savings can be achieved through tax credits related to retirement savings and IRP accounts.

How to Utilize Retirement Savings and IRP

Retirement savings and IRP (Individual Retirement Pension) are long-term financial products, but they are also very helpful during year-end settlement. You can receive tax deductions of up to 4 million won for retirement savings and up to 7 million won for IRP. This provides an opportunity to receive a significant refund through tax deductions. Therefore, it is advisable to actively utilize these methods to prepare for retirement while also benefiting from tax deductions.

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Importance of Housing Fund Deductions

Housing fund deductions apply when purchasing a house or taking out a loan for a jeonse (long-term lease). When repaying housing funds, you can receive tax deductions on the interest. This can be a significant factor in obtaining a large refund. Especially during the first year of purchasing a house, there are often high interest costs, so using this wisely can yield great benefits. Thus, it is essential to check and utilize deductions related to housing funds.

Important Notes for Income Tax Filing

Income tax filing is the final step of the year-end settlement. At this stage, you must file based on accurate data. Refer to the previous year's filing records and meticulously check any changes in tax laws. Additionally, it's important to prepare in advance to avoid missing the filing deadline. If any errors are discovered after filing, there is a way to receive refunds again through amended filings, so keep this in mind.

Comparison of Deduction Methods

Item	Recommended Method	General Method
Income Deduction	Maximize Usage	Basic Deductions Only
Tax Credit	Utilize Credit Cards, Donations	Use Small Amounts Only
Retirement Savings	Max 4 million won Deduction	Not Enrolled
Housing Fund	Utilize Interest Deductions	Only Repayment
Medical Expenses	Keep All Receipts	Neglect Receipts

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It is advisable to start preparing for year-end settlement early. By preparing necessary documents in advance and understanding the deduction items, the process can be much smoother.

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Keep all receipts
Check personal deductions for family members
Review credit card usage
Prepare housing fund repayment records
Confirm enrollment in retirement savings and IRP

📌 핵심 요약

To increase your year-end settlement refund, you must maximize deductions. Understanding the differences between income deductions and tax credits and preparing the necessary documents is crucial. With the right preparation, you can maximize your refund.

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FAQ

How is the year-end settlement refund calculated?

The year-end settlement refund is determined by applying income deductions and tax credits to calculate the final tax amount, then comparing it with the tax already paid.

What documents are absolutely necessary to receive tax credits?

To receive tax credits, you must prepare receipts, confirmations, etc., for the relevant expenditures, which will allow you to claim the deductions.

If I enroll in retirement savings, can I definitely receive tax credits?

If you enroll in retirement savings and meet certain conditions, you can receive tax credits, with a maximum of 4 million won.