2026-09-20 · YN 상세페이지

Tips to Increase Your Year-End Tax Refund

Year-end tax settlement is a time that many people look forward to every year. With proper preparation, you can significantly increase your refund amount. In this article, we will introduce ways to maximize your refund during year-end tax settlement.

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

Check Income Deduction Items

The first thing to check to increase your refund during year-end tax settlement is the income deduction items. Income deductions are divided into basic deductions, personal deductions, and special deductions, and the refund amount can vary depending on each item. Basic deductions include deductions for yourself and dependents, while personal deductions apply if you support children or elderly parents. Special deductions can be claimed for various items such as medical expenses, educational expenses, and donations. Therefore, it is important to carefully check and apply all income deduction items that fit your situation.

Utilize Tax Credits

Tax credits, unlike income deductions, directly reduce the amount of tax owed. Tax credit items include medical expenses, educational expenses, housing funds, and donations, and each item has different deduction limits. In particular, the medical expenses tax credit is applied differently based on income level, so you should take full advantage of it considering your income level. Additionally, the housing fund tax credit can be very helpful if you are using a mortgage, so make sure not to miss applying for this item.

Manage Credit Card Usage Records

Credit cards play an important role in year-end tax settlement. Since you can claim income deductions based on credit card spending, it is important to manage your annual usage records well. Particularly, the credit card spending must exceed a certain percentage of your total annual salary, so it’s advisable to use credit cards for living expenses and other expenditures. Additionally, it is important to carefully check the year-end tax settlement materials provided by credit card companies and prepare the necessary documents. By systematically organizing your credit card usage records, you can increase the amount eligible for deductions.

Thoroughly Prepare Supporting Documents

To receive income deductions during year-end tax settlement, supporting documents are essential. You should keep receipts for various expenses such as medical costs, educational expenses, and donations safe. In particular, electronic tax invoices or credit card payment receipts are recognized as valid supporting documents under tax law, so be careful not to lose them. Moreover, even if you occasionally lack receipts, you may still be able to receive deductions through confirmations or tax invoices, so it’s good to explore various methods.

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Utilize Retirement and Personal Pensions

Retirement and personal pensions not only help with long-term savings but are also a useful way to receive tax credits during year-end tax settlement. By enrolling in a retirement pension, you can receive a certain amount of tax credits each year, which significantly helps increase your refund amount. Similarly, with personal pensions, you can receive tax credits for part of the amount saved, so it is advisable to invest with a long-term perspective. These pension products also help prepare for retirement, providing a double benefit.

Seek Expert Assistance

Since year-end tax settlement requires understanding and applying complex tax laws, it is effective to seek the help of a professional tax accountant or CPA. Through expert advice, you can learn about often-overlooked deduction items or tax-saving methods and reduce mistakes that may occur during the tax filing process. Especially if this is your first year-end tax settlement, it’s best to get assistance from an expert to ensure it’s done accurately.

Comparison of Income Deductions and Tax Credits

Item	Recommended Method	General Method
Basic Deduction	Include all family members	Include only yourself
Medical Expenses Deduction	Attach all medical expense receipts	Attach only some receipts
Credit Card Usage	Pay all living expenses with a credit card	Use a credit card for only some items
Tax Credits	Utilize retirement and personal pensions	Not applicable
Expert Assistance	Consult with a tax accountant or CPA	Proceed alone

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When preparing for year-end tax settlement, it is important to organize the necessary documents in advance and actively utilize income deductions and tax credits. Check and apply as many items as possible to maximize your refund amount.

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Check all income deduction items
Organize credit card usage records
Prepare necessary supporting documents
Consult with an expert
Gather medical and educational expense receipts

📌 핵심 요약

To increase your refund during year-end tax settlement, you must maximize the use of various income deductions and tax credits. Through thorough preparation and expert assistance, find the optimal methods that fit your situation. This way, you can maximize your refund amount.

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FAQ

When is the year-end tax settlement period?

The year-end tax settlement is conducted based on income from January 1 to December 31 each year and is generally closed for reporting in mid-February.

When will the refund be paid?

The refund will be paid within three weeks after the year-end tax settlement report is reviewed and processed by the tax office.

What documents are absolutely necessary to receive income deductions?

To receive income deductions, you need receipts or supporting documents such as tax invoices corresponding to each item. In particular, be sure to keep medical and educational expenses well documented.