“Did you miss the year-end tax settlement?”… May Global Income Tax Report ‘Hot Tips’
If you live a hectic life, you are more likely to fail your year-end tax settlement. In some cases, deduction documents could not be submitted at all due to resigning mid-term, or deduction items were omitted from the application, resulting in less refund. Even if you forgot last year’s year-end tax settlement, it’s still too early to be discouraged. This is because there is still an opportunity to apply again during the final tax return period in May, which begins on May 2.
Here are some good tips for office workers who missed the year-end settlement ahead of the general income tax return period. This is a tip suggested by ‘Jarvis & Villains’, a start-up that operates an online tax filing service ‘SamJamSam’.
If you are unable to re-employ after leaving the company before the year-end tax settlement period, or if you have not been able to make a year-end settlement including income from the previous company even after re-employment, you can file a final tax return in May, the global income tax return period. This means that mid-term retirees do not receive income and tax credits for credit cards, insurance premiums, and deductions for dependents, which can be inquired in the year-end tax settlement simplified service. This is because information that the company cannot accurately determine is not applied to the retirement settlement statement.
To file a global income tax return in May, you need to prepare a copy of the applicant’s resident registration, a copy of the bankbook to be refunded, and any missing income deduction documents, etc. If you have not received a withholding tax receipt from the company you left, you can inquire directly through the Hometax site.
It is difficult for all office workers to complete the year-end tax settlement ‘perfectly’. Deduction items are often missed for various reasons, such as omission or erroneous submission of documents, or forgot to submit documents for deduction of dependents or do not submit documents because you do not want to disclose personal information to the company. In this way, if you have paid more tax than you have to pay due to not submitting data for proof of deduction requirements, you can add the missing deductions through the general income tax return in May or the ‘late return’ after that.
In addition to wage earners, ‘gig workers’ who use an IT platform to do the work they want at the time they want, or ‘N-jobs’ who have multiple jobs, must also check the tax payment and deduction benefits through the global income tax filing period in May. Global income tax is a tax that calculates, reports and pays the income earned from economic activities during the year. Subjects include ▲ those who earn business income with 3.3% of their income withheld ▲ those who earn other income in excess of 3 million won (excluding expenses) a year ▲ those who earn 20 million won or more in financial income a year. If you are eligible for a tax return, you need to prepare deduction documents and file a tax return within May. However, daily wage income is not subject to global income tax return, and income with very different characteristics, such as capital gains and retirement income, is not subject to global income tax return.
Another option is to use an app that helps you file your taxes.
Samchomsam provides a simple global income tax return and refund assistance service for gig workers, including platform workers, N-jobs, freelancers, and part-timers. Hometax non-member simple authentication alone notifies the expected amount of tax refund in advance, and helps to receive tax refund in one stop through global income tax return. Even less than two years after its launch, it is showing rapid growth, surpassing 10 million cumulative subscribers and about 240 billion won in accumulated refunds.
Kim Beom-seop, CEO of Jarvis & Villains, said, “Whether it’s an office worker who has to take care of year-end tax settlement or a gig worker who has to file a global income tax, he can get help with tax returns and refunds through Samchomsam. In the future, we plan to introduce customized services that provide various benefits to all people who are earning money.”
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]