How much of a refund can I get in this year's year-end tax settlement?
The National Tax Service said on the 5th that it opened the Year-end Tax Settlement Preview service, which lets people check in advance how much refund they might get from the year-end tax settlement.
The National Tax Service explained that it is offering the preview service to help workers set up tax-saving plans in advance over the remaining two months of this year ahead of the year-end tax settlement in January next year.
With this preview service, users can calculate their expected tax amount for the year-end tax settlement in January next year based on spending with credit and debit cards through September of this year and the deduction amounts reported in last year's year-end tax settlement.
Users can revise expected expenditure amounts by item through the end of the year and check which payment method—credit card or debit card (including cash receipts)—and how much use would be advantageous.
They can also review how changes in dependents, such as marriage and childbirth, or changes in income and expenditure, such as total salary, education expenses, and medical expenses, affect the tax amount. They can even compare trends in total salary, deduction amounts, and final tax due over the past three years.
To use it, log in to Hometax, then select Convenient Year-end Tax Settlement and Year-end Tax Settlement Preview under the Benefits, Year-end Tax Settlement, and Donations tab.
The National Tax Service will also provide a customized guidance service starting on the 6th for 520,000 workers who do not have year-end tax settlement deduction records but are likely to qualify for specific deductions, selected through big data analysis.
For those likely to qualify for seven high-interest deduction and reduction items, such as the small and medium-sized enterprise new employee tax reduction and monthly rent deduction, guidance will be sent via KakaoTalk or Naver electronic documents so they can check the eligibility requirements and the necessary supporting documents.
In particular, this year the number of recipients of guidance on the monthly rent tax credit for workers without homes was expanded to 150,000, about 80% more than last year's 80,000.