The year is already almost over. Now it seems necessary to prepare for the upcoming year-end tax settlement.
In relation to this, Hometax has a service that allows you to check the 2023 year-end tax settlement information in advance, so I hope you will take just 5 minutes to look at it and try it yourself to find ways to save taxes and receive a larger refund amount. For those of you who don’t have time, I’ll leave a link below so you can check it out right away.
Year-end tax settlement preview representative image
1. How to preview your home tax year-end tax settlement
This is a service that allows you to calculate the year-end tax amount in advance based on this year’s ‘credit card usage amount’ and ‘past deduction amount’.
For reference, we provide credit card usage details from January to September, and the income deduction amount may vary depending on actual spending details from October to December.
① Access the National Tax Service Hometax website and log in with your joint, financial, or simple certificate.
– Source: Home Tax –
② Click ‘Preview year-end tax settlement (for workers)’
– Source: Home Tax –
③ The year-end tax settlement preview process consists of three steps as follows:
Calculate consumption-related income deductions
Calculate estimated tax amount
View trends and tax saving tips by item
④ Click the ‘blue box (Step.01 Calculate credit card income deduction amount)’ at the bottom left.
– Source: Home Tax –
⑤ Home Tax Preview Step.1 Task
When you click ‘Load’ on the payment statement, your ‘total salary from last year is automatically entered’
If my salary has increased compared to last year, manually enter the estimated amount in the ‘Total Salary Amount’ field.
And if you click ‘Load credit card data’ below, your spending amount from January to September will be automatically entered (if you have dependents, add them).
Now enter the expected amount (self, dependents) from October to December.
In addition, if you look at the tab above, you can also check ‘tax saving tips’, so be sure to check it out.
– Source: Home Tax –
⑥ If you enter the estimated amount from October to December, you can check the tax deduction for the amount you can receive in total. Then click ‘Go to Step.02’
– Source: Home Tax –
⑦ Next, if you edit ‘My total salary’ and ‘Prepaid tax amount’, you can check the final estimated amount you will receive in the table.
Since this is the amount from last year’s year-end tax return, the income tax I paid was roughly estimated by looking at my salary statement and entering it.
If there is a change in income deduction or tax credit items, you can modify the amount of the relevant deduction item in the table below.
– Source: Home Tax –
⑧ Clicking ‘Go to Step 03’ provides a summary of the year-end tax settlement and allows you to easily check the status by year with a graph.
– Source: Home Tax –
2. Year-end tax settlement terminology
1) Determined tax amount
The calculated tax amount is calculated based on the information I entered, and the tax amount/tax deduction is deducted from the amount and the final tax to be paid is calculated.
2) Year-end settlement minus
The tax deduction amount is determined by comparing the determined tax amount with the already paid income tax amount (taxes I have already paid). Here, if it is positive (+), you will have to pay additional tax, and if it is negative (-), you can receive a refund.
3. Go to National Tax Service Hometax
Usually, I only get interested when the year-end tax settlement period approaches, but if I know more in advance, there are many areas where I can save on taxes, so I hope you take this opportunity to study.
Above, we learned about how to preview the home tax year-end tax settlement, the determined tax amount, and the details of the minus tax deduction.