Income Tax Filing Checklist to Help You Cut Your Taxes!

As a Certified tax accountant who has filed hundreds of income tax returns over the last six years, I've noticed that taxpayers often overlook certain tax-deductible items. To help you save money on your taxes, here's a list of items you should consider:

1.Health insurance

There are two types of health insurance: 1)company health insurance that you pay for while working for a company(this company health insurance are paid by deducting from your salary when you get salary) and  2)regional health insurance that you pay for if you're a freelancer or an individual business owner without employees. If you fall into the latter category, you can get income deductction for the amounts health insurance. To see how much you paid regional health insurance please check below process.

 

1.Search '건강보험공단'

2.Click '보험료 납부확인서' and login 

 

2.Local taxes you paid

While taxes are generally not considered a cost, some local taxes are different. If you've paid taxes on your vehicle or license, for example, you may be able to deduct these expenses from your incomes. You can obtain payment receipts through the WeTax website.


1.Search 'wetax.kr'

 

2.Click 납부결과 -> '세목별과세증명서' and login

 

 

3.Interest on loans related to your business

If you've taken out a loan for your business, you're likely paying interest on that loan. The good news is that you can deduct these interest payments from your taxes. You can obtain a certificate from your bank that shows the breakdown of principal and interest payments.

 

e.g.

 

 

4.Insurance payment

If you drive a vehicle, you're probably required to have insurance. The good news is that you can deduct the cost of your insurance from your taxes. Be sure to prepare an insurance certificate as proof.

 

e.g.

 

 

5.Credit card usage breakdowns that you haven't registered with HomeTax

Purchase amount related to your business that you spent through your credit card(or debit card) is considerd a cost.

However if you haven't registered your card with Hometax, you should collect the receiptes manually so if you havent's yet, Please check below posting!

Simplify Your Business Expense Management: Register Your Credit Card on Hometax and Wave Goodbye to Receipts! (g-tax.kr)

Simplify Your Business Expense Management: Register Your Credit Card on Hometax and Wave Goodbye to Receipts!

 

even if you haven't registered your card, you can still potentially cut your taxes. Contact your credit card company and request a breakdown of your card usage in excel file. for the business year (usually from January to December, unless you started your business at a different time).

The process for obtaining this information will vary depending on the credit card company. Here's an example of how to obtain this information from HanaCard:

1.Search your 'credit card company'

2.Login and 마이페이지 -> 종합소득세 이용내역

3.Set the periods, check the amounts and download

 

 

 

 

 

 

Thank you for read my article! I hope it helps.

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And if you need help for your tax filing or accountung or looking for CPA in Korea, don't hesitate to contace us

G-tax / Certified Tax Accountant / Steven Yang

+82 10 9599 7152

steven@g-tax.kr

www.g-tax.kr

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