Year-End Tax Refund Inquiry and Payment Date Information

Don't miss out on your income tax refund! Every year, during the year-end tax settlement season, the biggest concern for salaried workers is undoubtedly the "refund". Like a 13th month's salary, the eagerly awaited refund – how can you get more? This post will show you how to maximize your year-end tax refund.

Why is year-end tax settlement important?

Year-end tax settlement is the process of settling income tax paid over the past year. The higher your expenses relative to your income, the greater the amount you will receive as a refund, so there are many things to carefully check. In particular, various income tax deductions and tax credits have recently been established, so if you use them well, you can receive a larger refund than expected.

How much of a year-end tax refund can I get?

The refund amount varies depending on individual income, expenses, and deduction items. Generally, the following cases have a high probability of a refund.

🔗 How to check your year-end tax refund and refund date

• If you have many dependents: You can receive an income tax deduction depending on the number of dependents.
• If you have high housing loan interest: You can receive an income tax deduction for the amount of housing loan interest repaid.
• If you have high medical and education expenses: You can receive a medical expense tax credit and an education expense tax credit.
• If you have high insurance premium payments: You can receive an insurance premium tax credit.

How do I check my year-end tax refund?

You can check your year-end tax refund on the National Tax Service's Hometax website. By accessing Hometax and using the "Simplified Year-End Tax Settlement" service, you can easily check your income and tax deduction information and proceed with your year-end tax settlement.

When can I receive my year-end tax refund?

Year-end tax refunds are generally paid in February. However, there may be some differences depending on the company's payment system, so it is best to inquire with your company for the exact payment date.

Tips for getting a bigger year-end tax refund

• Understanding the difference between income tax deductions and tax credits: Income tax deductions reduce your taxable income, while tax credits reduce the amount of tax you owe. It is important to understand the characteristics of each deduction and choose the one that is advantageous to you.
• Carefully check all eligible items: Make sure to check all eligible items for deductions, such as medical expenses, education expenses, and insurance premiums. Also, check if you are eligible for additional deductions such as the tax credit for employees of small and medium-sized enterprises or the youth income tax deduction.
• Thoroughly keep supporting documents: You must keep all supporting documents for each deduction item. If you don't have supporting documents, you won't be able to claim the deduction, so be careful.
• Seek professional help: Year-end tax settlement is a more complicated process than you might think. If you find it difficult to handle everything yourself, seeking help from a tax accountant or certified public accountant is a good option.

Frequently Asked Questions (FAQ)

• Does everyone have to do year-end tax settlement? Everyone with employment income must do year-end tax settlement.
• When is the year-end tax settlement period? It is from mid-January to mid-February each year.
• Are there any disadvantages to doing year-end tax settlement late? If you don't file within the year-end tax settlement period, you may be subject to surcharges.
• What is the simplified year-end tax settlement service? It is a service provided by the National Tax Service where you can easily check your income and tax deduction information.