2026-10-12 · YN 상세페이지

Maximizing Refunds in Year-End Tax Settlement

Year-end tax settlement is an important moment for many people every year. To maximize your refund, prior preparation and strategy are essential. In this article, we will introduce methods to receive a substantial refund during the year-end tax settlement.

Accurate information and preparation determine the amount of your year-end tax refund.

Basic Understanding of Year-End Tax Settlement

Year-end tax settlement is a process that takes place from January to February each year, where the taxes paid throughout the year are reconciled with actual income to receive a refund for the difference. To do this, you need to clearly understand what income you have earned and what deductions you can claim. Knowing and preparing your income amount and tax deduction items is the first step to increasing your refund.

Utilizing Income Deduction Items

Income deductions play a crucial role in increasing your refund during the year-end tax settlement. There are various items such as basic deductions, additional deductions, and special deductions, and you should make the most of them. For example, basic deductions apply to yourself and your dependents. It is advisable to accurately enter information about family members and prepare necessary documents in advance.

The Importance of Tax Credits

Tax credits are items that are directly deducted from taxes already paid, allowing for expectant refunds that can exceed those from income deductions. In particular, you should actively utilize tax credits for donations, medical expenses, and educational expenses. Understanding the limits and requirements for each tax credit, and keeping necessary receipts to prevent any omissions, is essential.

Utilizing Retirement Pensions and Pension Savings

Tax credits for retirement pensions and pension savings are also important factors. You can receive tax credits by contributing a certain amount to these products. Especially, pension savings have a high tax credit limit, so it is advisable to use them actively. This allows you to prepare for retirement from a long-term perspective while enjoying tax benefits simultaneously.

Checking Credit Card Usage

Income deductions based on credit card spending hold significant weight in year-end tax settlements. The usage amounts of credit cards and debit cards are deducted at different rates, so it's important to use cards that align with your spending patterns. Before preparing for the year-end tax settlement, it is necessary to review your credit card usage history and prepare necessary documents in advance.

Utilizing Expert Consultations

Given that the information about year-end tax settlements is complex and extensive, consulting with experts like tax accountants or accountants is a good method. With expert assistance, you can discover deduction items or tax credits you might have missed. Especially in cases of large incomes or complex tax situations, expert advice can be immensely helpful.

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