<Anchor> This is a
friendly economic time. Today (25th), I will be with reporter Kim Hye-min. Reporter Kim Today is already November 25th. It seems that there is about a month left this year. At this point, workers are starting to take an interest in year-end tax settlement this year. Are there any differences between this year and last year?
<Reporter>
First, let's look at the formal aspect. The biggest difference here is that it's easier to submit documents to the company.
In the past, office workers had to obtain and submit simplified data to the company one by one. But now, if you apply for this in advance, you can skip the procedure.
All you have to do is submit an application to the company first, then go to Hometax and check that there are no errors in my data. Of course, if there is information that you do not want submitted to the company because it is too sensitive, it is possible to exclude only that information.
Also, one of the great new policies this year is that you can check the expected results of year-end tax settlement in advance.
<Anchor>
It seems to be getting easier. And it means you can check how much deduction you can get in advance. But how do you check this?
<Reporter>
I'll explain how to get into it and check it. First, you can find out by going to the hometax site that everyone is familiar with and searching for 'year-end settlement preview' in the search term.
It is only available from January to September of this year. You can enter the rest or leave it blank. I was curious yesterday too, so I tried it once.
In my case, I have already reached the deduction limit for my credit card, etc. There was a lot of money in traditional markets and public transportation. You can fill in the gaps in the remaining period.
If there are people who have not met the deduction limit, such as a credit card, it is advantageous to use a debit card or cash receipt more than a credit card.
This is because there is a difference in the deduction rate, but credit cards are only 15%. You can get up to 30% of the rest, so you can fill your limit faster with the same amount.
<Anchor>
Reporter Kim You used a lot of credit cards this year. But it's good to know for sure like this in advance. And I think there are some areas where the benefits have increased compared to last year, but I think it will be helpful. Please explain again.
<Reporter> We
are giving some more benefits to those who have increased their consumption compared to last year.
If you spend more than 5% from last year, an additional 10% will be deducted from the increased amount. The limit is further increased to 1 million won.
In addition, one of the expanded benefits this time is donations. Originally, 15% was deducted for donations under 10 million won and 30% for more than 10 million won. But this year, only donations go up 5% from here.
So, if you donate less than 10 million won, you can deduct 20% of the amount. We don't know if we'll get this benefit again next year. If you want to donate, it's much better to do it within the year.
<Anchor> That's
right. Lastly, if you look at financial products these days, we will give you a tax deduction. There are many products that are advertised and promoted like this. Do you have any recommendations for reporter Kim because this product is good in your opinion?
<Reporter>
Not so long ago, a viewer sent me an e-mail saying, "The salary keeps going up, but the year-end tax refund is decreasing. Do you have any tips?" This may be of some help to these people.
The government is giving a lot of tax benefits to encourage people to join a pension for a stable old age. Among them, these days, many people subscribe to pension savings and IRPs.
There is a maximum amount of tax credit that can be deducted, up to 7 million won per year, and up to 9 million won for those over the age of 50. Among these, pension savings can be deducted up to a maximum of 4 million won.
You can sign up for it here. Even if you sign up within this year and pay 7 million won at once, you can get all the tax deductions. It's still not too late to take advantage of this year's benefits.
You can also get a tax deduction with your home subscription savings account.
If you are the head of a household without a home with a total salary of KRW 70 million or less, 40% of the amount paid to the housing subscription savings under your name is deducted from your earned income.