If you are worried about paying taxes this year, it would be a good idea to prepare for the changing tax laws in advance. Last December, the tax law amendment passed the National Assembly and is scheduled to go into effect this year. We would like to introduce tax saving methods that are closely related to our lives, focusing on the newly applied regulations.
First, if you think you will need to spend more this year than last year, take an additional credit card deduction. Starting this year, if your credit card usage exceeds 105% of the previous year, 10% of the excess amount (within 1 million won) will be tax deducted. For example, assuming that you swiped 20 million won with a credit card last year and spend 31 million won this year, you can deduct 10% (1 million won) of the 10 million won you spent in excess of 21 million won, which is 105% of last year.
There are also amendments that are advantageous to office workers who pay monthly rent. Previously, the monthly rent tax deduction was limited to workers earning less than 70 million won (comprehensive income amount of 60 million won), but this time, it will be expanded to 80 million won (comprehensive income amount of 70 million won) or less. The deduction limit was previously up to 7.5 million won per month, but this will be increased to 10 million won.
To ease the burden of raising children, the child tax credit has also been expanded. The scope of coverage is expanded to include grandchildren in addition to existing children. The tax deduction amount is currently 150,000 won for 1 person, 300,000 won for 2 people, 300,000 won for 3 people, and 300,000 won for each person exceeding 2 people. Among these, the deductible amount increases to 350,000 won for two people and 350,000 won for three people.
Inheritance and gift taxes will also change. Currently, when you get married, you can deduct up to 100 million won of property inherited from your parents or other lineal ascendants. However, it has been changed so that gifted property can be deducted even at the time of childbirth. If the gift is received as a direct ascendant within 2 years from the child’s birth date, a deduction of up to 100 million won is allowed. If both marriage and childbirth gift property deductions are applied, the deduction limit is set at 100 million won.
A plan to lower the tax burden on old-age pensions, which has attracted increasing attention as the elderly population rapidly increases, has also been proposed. Currently, if your private pension, such as pension savings or retirement pension, is less than 12 million won per year, a low tax of 3-5% is levied depending on age. For income exceeding 12 million won, a tax rate of up to 45% is applied, including all other income. The idea is to increase the number of people receiving tax benefits by raising this standard to 15 million won. We hope that 2024 will be a year in which you can save taxes through smart financial transactions by carefully checking the new tax laws that will be applied this year.
Shinhan PWM Apgujeong Center Team Leader
2024-01-24 15:03:05
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