Everyone who has earned money from work in Korea must file taxes here, regardless of nationality, length of stay in the country, or income. As Mike Laidman now reports, you can now estimate your tax bill or tax refund for this year.

The end-of-year tax season is just two months away.

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NTS automatically calculates year-end tax bills

The National Tax Service’s website - hometax.go.kr - can automatically calculate what a taxpayer owes.

Then, through these calculations, a taxpayer can try to find better options in order to reduce their taxes.

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Input gross income at NTS website

The website features a year-end tax settlement menu, which is where one should first submit their gross income for the year.

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Import credit card data, projected spending from Oct. to Dec.

Then, import credit card usage data and the family members the taxpayer has to support.

Expected credit card spending for between October and December can be added manually.

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Make corrections as needed

The next step is to correct any tax deduction fields should the imported information be incorrect.

And finally, the calculations will show whether or not a user has any additional taxes to pay, or to be refunded.

The page also gives tips on how to benefit from the year-end tax settlement.

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Double-income families should plan to reduce taxes

Couples earning two paychecks are advised to check their credit card expenditures between January and September and plan for future spending to avoid paying more taxes than necessary.

INTERVIEW
Kim Yu-cheol / Representative, Jeju tax office
Compare your credit card spending with your spouse and plan your future spending for November and December to reduce your taxes. Some cards may be more advantageous than others in certain situations.
<인터뷰 : 김유철/제주세무서 법인납세과 >
"본인 신용카드 공제액을 서로 비교해서 어느 것이 더 공제가 많이 될지 판단해서 11월, 12월 카드 사용을 한쪽으로 몰아서 사용하는 것이 더 공제에 유리한 방법이 될 수 있습니다. "

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If credit cards exceeds 25% of all spending, pay with cash or debit card

If credit card expenditures exceed 25 percent of all your spending, it’s better to pay with cash or debit card for the remaining months of the year.

Concerning tax deductions for monthly rent, a taxpayer's registered address and address of the rental house must be identical.

[Reporter] Mike Laidman
[Camera] Kim Seung-cheol

In addition, the National Tax Service has published its annual “Easy Guide for Foreigners Year-end Tax Settlement” on its English website, which can be found at nts.go.kr/eng.

Mike Laidman, KCTV