‘Year-end tax settlement preview’ service starting tomorrow
If you repay student loans worth 500,000 won per month after getting a job, you can get a tax deduction of 900,000 won at a 15% deduction rate.
Medical expenses under the age of 6 are fully tax deductible… “Customized tax saving tips that are easy to miss”
For Mr. A, who plans to purchase a new refrigerator worth 3 million won next month, using a check card instead of a credit card may be a way to reduce taxes. Mr. A, whose total salary this year is 60 million won, had already purchased 31 million won worth of goods with a credit card as of last month. Since the amount of credit card usage that can receive benefits depending on the payment amount has already exceeded 15 million won, which is 25% of total salary, which is the standard for income deduction, the deduction rate for the remaining period is 30%, which is higher than that of credit cards (15%). It is possible to save taxes by using . The National Tax Service explained that if Mr. A buys a refrigerator with a check card, he can receive an additional income deduction of up to 150,000 won compared to buying it with a credit card.
On the 13th, the National Tax Service announced that it would launch the ‘Year-end Tax Settlement Preview’ service starting on the 15th, which will allow workers to preview the year-end tax settlement results. This is a service that calculates the expected tax amount for next year’s year-end tax settlement based on the results of last year’s tax settlement and credit card usage from January to September of this year, and, like Mr. A, allows you to look into tax saving methods that can be used for the remainder of the year. If you access the service through the National Tax Service’s Hometax, you can check in advance this year’s salary changes, personal deductions due to changes in dependent deductions, and increases or decreases in credit card and medical expense deductions. In particular, the National Tax Service plans to provide customized guidance regarding seven items, including education expenses, that are easy to miss during year-end tax settlement.
For example, the National Tax Service explains that in the case of education expense tax deductions, it is often overlooked that student loan repayment after employment is also included. If worker B, who received a student loan from the Korea Scholarship Foundation, is repaying 500,000 won per month after employment, the entire amount is eligible for a tax deduction for education expenses. Accordingly, Mr. B can receive a tax credit of 900,000 won by applying a 15% deduction rate to 6 million won per year.
It should be noted that officetels are also included in the monthly rent tax credit for those who do not own a home, and the total salary standard was raised from 70 million won to 80 million won this year. If Mr. C, who does not own a home, lives in a residential officetel and pays 500,000 won in monthly rent, he can save about 1 million won in taxes by receiving a tax credit of 15% or 17% depending on his salary.
Meanwhile, in this year’s year-end tax settlement, the tax deduction for the second child was increased from 150,000 won to 200,000 won, and medical expenses paid for dependents under the age of 6 can now receive a full tax deduction. Postpartum care center expenses can now be tax deducted up to 2 million won by anyone, regardless of salary.
In addition, the income deduction limit for interest repayments on long-term mortgage loans was raised from 3 million to 18 million won to 6 to 20 million won, depending on the repayment period and conditions. The standard housing price requirements for deductions were also relaxed from less than 500 million won to less than 600 million won.
However, the marriage tax credit of 500,000 won per person, which has already been announced by the government but has not yet been revised, is not reflected in this service. An official from the National Tax Service said, “It is necessary to watch whether the tax law is actually revised and use it for year-end tax settlement.”
Sejong = Reporter Kim Do-hyung [email protected]
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