Tax Savings, Corporate, and Succession Strategies for High-Income Individuals by Shin Bang-soo, a Tax Accountant
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Description
Book Introduction
From tax savings for the top 10% of high-income earners to corporate management and succession,
I'll finish it with this one volume
“Income is increasing, but why are more taxes being withheld?”
A tax strategy book has been published that provides practical solutions to this common problem faced by high-income earners.
This book is characterized by the author, who has 25 years of tax practice experience, solving tax, financial management, and business succession issues that business owners and high-income earners actually face, focusing on cases, calculations, and strategies.
Rather than simply introducing tax laws, it is designed to guide you through applicable methods for each situation, enabling you to achieve practical tax savings.
· Chapter 1: Tax Concerns and Solutions for High-Income Earners
Chapter 2: Income Tax Savings: 9 Key Rules
Chapter 3: Reducing Income Tax Burden by Utilizing Necessary Expenses
Chapter 4: Creating Expenses with Assets and Reducing Taxes
Chapter 5: Joint Venture Operations and Tax Reduction Strategies
Chapter 6: Tax and Asset Management Methods Using Corporations
Chapter 7: Financial Management Law for Individuals (including Employees) and Corporations
Chapter 8: Tax Investigation Countermeasures for High-Income Businesses vs. Corporations
Chapter 9: Succession Strategies for High-Income Business Owners vs. Corporations
I'll finish it with this one volume
“Income is increasing, but why are more taxes being withheld?”
A tax strategy book has been published that provides practical solutions to this common problem faced by high-income earners.
This book is characterized by the author, who has 25 years of tax practice experience, solving tax, financial management, and business succession issues that business owners and high-income earners actually face, focusing on cases, calculations, and strategies.
Rather than simply introducing tax laws, it is designed to guide you through applicable methods for each situation, enabling you to achieve practical tax savings.
· Chapter 1: Tax Concerns and Solutions for High-Income Earners
Chapter 2: Income Tax Savings: 9 Key Rules
Chapter 3: Reducing Income Tax Burden by Utilizing Necessary Expenses
Chapter 4: Creating Expenses with Assets and Reducing Taxes
Chapter 5: Joint Venture Operations and Tax Reduction Strategies
Chapter 6: Tax and Asset Management Methods Using Corporations
Chapter 7: Financial Management Law for Individuals (including Employees) and Corporations
Chapter 8: Tax Investigation Countermeasures for High-Income Businesses vs. Corporations
Chapter 9: Succession Strategies for High-Income Business Owners vs. Corporations
index
Preface … 6
Note… 12
Chapter 1: Tax Concerns and Solutions for High-Income Earners
High-income earners, who are they? … 14
Tax Concerns for High-Income Earners… 19
Why Individual Income Taxes Are So High… 22
Alternatives to Reducing Personal Income Taxes… 26
Tax audits follow excessive tax avoidance… 30
Tax Savings: What High-Income Earners Need to Know About the Tax Environment by Category… 34
Chapter 2: Income Tax Savings: 9 Key Rules
Income Tax Savings Tip 1: Understand Tax Principles for Each Type of Income… 38
Income Tax Savings Tip 2: Understand the Comprehensive Income Tax Calculation Process… 42
Income Tax Savings Tip 3: Check Your Appropriate Tax Rate First… 47
Income Tax Savings Tip 4: Increase Your Expenses… 51
Tax Saving Tip #5: Get More Deductions… 55
Tax Saving Tip #6: Always Take Tax Deductions… 59
Income Tax Saving Tip 7: Take Advantage of Tax Reductions… 64
Income Tax Savings Tip 8: Businesses Should Pay Attention to Reporting Methods… 68
Income Tax Savings Tip 9: Understand the Four Major Insurance Premiums… 73
Tax Savings: Pension Products and Tax Savings for High-Income Employees and Business Owners… 77
Chapter 3 Reducing Income Tax Burden by Utilizing Necessary Expenses
Standards for Reflecting Necessary Expenses in the Ledger… 84
3 Necessary Expenses Not Recognized by the National Tax Service… 89
Things to check regarding labor costs… 93
Performance-Based Pay vs. Pension Decisions… 97
Net Wage Reporting and Issues for Workers… 101
Scope of welfare benefits (including childbirth support) … 105
Analysis of the processing of in-house employee welfare fund expenses… 110
How Businesses Use Entertainment Expenses… 114
Domestic and International Education and Training Expenses and Expenses Processing Law… 118
How to Use Depreciation Expenses… 121
Interest Expense Treatment Method… 126
Tax Savings: Credit Card Usage Guide for High-Income Individuals (Including Salaried Workers) and Corporations… 130
Chapter 4: Creating Expenses with Assets and Reducing Taxes
The functional relationship between assets and necessary expenses… 134
How to handle business premises rent expenses… 139
How to handle expenses related to business vehicles… 144
How to handle gift certificate expenses… 149
How to handle housing (residential) expenses… 153
Corporate Research Institute Expenses Processing and Tax Support… 158
Tax Savings: Why Income Diversification is Key to Tax Savings… 162
Chapter 5 Joint Venture Operations and Tax Reduction Strategies
Joint ventures and tax issues… 168
How to handle expenses of joint ventures… 172
How to Treat Interest Expenses of Joint Ventures… 176
Joint Venture Income Distribution and Income Tax Reporting Act… 179
Transfer of Shares and Tax Treatment of Joint Venture Partners… 183
Tax Savings: Tax Saving Strategies for High-Income Couples… 187
Chapter 6 Tax and Asset Management Methods Using Corporations
Why corporations are becoming more common these days… 190
Advantage 1 of a Single-Person or Family Corporation: Reduced Income Taxes… 193
Advantage 2 of a Single-Person or Family Corporation: Reduced Health Insurance Premiums… 197
Advantage 3 of a Single-Person or Family Corporation: It's also more tax-effective, especially when it comes to business succession and other taxes... 200
Advantage 4 of a One-Person or Family Corporation: Strong Retirement Planning… 204
Advantage 5 of a Sole Proprietorship or Family Corporation: Strong Side Income Management… 208
However, one person or family corporation should be careful… 214
Tax Savings Exploration 1: Comparing and Choosing Between a Sole-Person Corporation and a Family Corporation… 218
Tax Savings Exploration 2: The Keys to Incorporation Procedures… 223
Chapter 7: Financial Management Laws for Individuals (including Employees) and Corporations
Individual vs. Corporate Financial Transactions and Tax Issues… 228
Comparison of Financial Management and Tax Issues between Businesses and Corporations… 231
Money Management Tips for High-Income Workers… 235
Financial Management for High-Income Business Owners… 239
Corporate Fund Management Act … 244
Tax Savings: Financial Transaction Systems High-Income Earners Should Be Aware of… 249
Chapter 8 Tax Investigation Countermeasures for High-Income Businesses vs. Corporations
How to Respond to Tax Investigations for High-Income Business Owners… 254
Tax Investigation Countermeasures for Individuals or Family Corporations… 259
Integrated Investigation Measures for High-Income Business Owners (Including Specially Related Corporations) … 265
How Tax Saving Freelancers Reduce Their Risk of Tax Audits… 268
Chapter 9: Succession Strategies for High-Income Business Owners vs. Corporations
Business Succession and Tax Issues… 276
Business Succession and Tax Support… 280
Everything You Need to Know About Business Inheritance Deductions… 284
Practical Business Succession Strategies for Self-Employed Individuals… 291
Practical Corporate Business Succession Strategies 1: For Existing Corporations… 296
Practical Corporate Business Succession Strategies 2: For New Corporations… 301
Practical Corporate Business Succession Strategies 3: When Converting to a Corporation… 305
Tax Savings: Industry Requirements, Heir's Stock Ownership Requirements, and Tax Issues When Passing on a Family Business… 311
Note… 12
Chapter 1: Tax Concerns and Solutions for High-Income Earners
High-income earners, who are they? … 14
Tax Concerns for High-Income Earners… 19
Why Individual Income Taxes Are So High… 22
Alternatives to Reducing Personal Income Taxes… 26
Tax audits follow excessive tax avoidance… 30
Tax Savings: What High-Income Earners Need to Know About the Tax Environment by Category… 34
Chapter 2: Income Tax Savings: 9 Key Rules
Income Tax Savings Tip 1: Understand Tax Principles for Each Type of Income… 38
Income Tax Savings Tip 2: Understand the Comprehensive Income Tax Calculation Process… 42
Income Tax Savings Tip 3: Check Your Appropriate Tax Rate First… 47
Income Tax Savings Tip 4: Increase Your Expenses… 51
Tax Saving Tip #5: Get More Deductions… 55
Tax Saving Tip #6: Always Take Tax Deductions… 59
Income Tax Saving Tip 7: Take Advantage of Tax Reductions… 64
Income Tax Savings Tip 8: Businesses Should Pay Attention to Reporting Methods… 68
Income Tax Savings Tip 9: Understand the Four Major Insurance Premiums… 73
Tax Savings: Pension Products and Tax Savings for High-Income Employees and Business Owners… 77
Chapter 3 Reducing Income Tax Burden by Utilizing Necessary Expenses
Standards for Reflecting Necessary Expenses in the Ledger… 84
3 Necessary Expenses Not Recognized by the National Tax Service… 89
Things to check regarding labor costs… 93
Performance-Based Pay vs. Pension Decisions… 97
Net Wage Reporting and Issues for Workers… 101
Scope of welfare benefits (including childbirth support) … 105
Analysis of the processing of in-house employee welfare fund expenses… 110
How Businesses Use Entertainment Expenses… 114
Domestic and International Education and Training Expenses and Expenses Processing Law… 118
How to Use Depreciation Expenses… 121
Interest Expense Treatment Method… 126
Tax Savings: Credit Card Usage Guide for High-Income Individuals (Including Salaried Workers) and Corporations… 130
Chapter 4: Creating Expenses with Assets and Reducing Taxes
The functional relationship between assets and necessary expenses… 134
How to handle business premises rent expenses… 139
How to handle expenses related to business vehicles… 144
How to handle gift certificate expenses… 149
How to handle housing (residential) expenses… 153
Corporate Research Institute Expenses Processing and Tax Support… 158
Tax Savings: Why Income Diversification is Key to Tax Savings… 162
Chapter 5 Joint Venture Operations and Tax Reduction Strategies
Joint ventures and tax issues… 168
How to handle expenses of joint ventures… 172
How to Treat Interest Expenses of Joint Ventures… 176
Joint Venture Income Distribution and Income Tax Reporting Act… 179
Transfer of Shares and Tax Treatment of Joint Venture Partners… 183
Tax Savings: Tax Saving Strategies for High-Income Couples… 187
Chapter 6 Tax and Asset Management Methods Using Corporations
Why corporations are becoming more common these days… 190
Advantage 1 of a Single-Person or Family Corporation: Reduced Income Taxes… 193
Advantage 2 of a Single-Person or Family Corporation: Reduced Health Insurance Premiums… 197
Advantage 3 of a Single-Person or Family Corporation: It's also more tax-effective, especially when it comes to business succession and other taxes... 200
Advantage 4 of a One-Person or Family Corporation: Strong Retirement Planning… 204
Advantage 5 of a Sole Proprietorship or Family Corporation: Strong Side Income Management… 208
However, one person or family corporation should be careful… 214
Tax Savings Exploration 1: Comparing and Choosing Between a Sole-Person Corporation and a Family Corporation… 218
Tax Savings Exploration 2: The Keys to Incorporation Procedures… 223
Chapter 7: Financial Management Laws for Individuals (including Employees) and Corporations
Individual vs. Corporate Financial Transactions and Tax Issues… 228
Comparison of Financial Management and Tax Issues between Businesses and Corporations… 231
Money Management Tips for High-Income Workers… 235
Financial Management for High-Income Business Owners… 239
Corporate Fund Management Act … 244
Tax Savings: Financial Transaction Systems High-Income Earners Should Be Aware of… 249
Chapter 8 Tax Investigation Countermeasures for High-Income Businesses vs. Corporations
How to Respond to Tax Investigations for High-Income Business Owners… 254
Tax Investigation Countermeasures for Individuals or Family Corporations… 259
Integrated Investigation Measures for High-Income Business Owners (Including Specially Related Corporations) … 265
How Tax Saving Freelancers Reduce Their Risk of Tax Audits… 268
Chapter 9: Succession Strategies for High-Income Business Owners vs. Corporations
Business Succession and Tax Issues… 276
Business Succession and Tax Support… 280
Everything You Need to Know About Business Inheritance Deductions… 284
Practical Business Succession Strategies for Self-Employed Individuals… 291
Practical Corporate Business Succession Strategies 1: For Existing Corporations… 296
Practical Corporate Business Succession Strategies 2: For New Corporations… 301
Practical Corporate Business Succession Strategies 3: When Converting to a Corporation… 305
Tax Savings: Industry Requirements, Heir's Stock Ownership Requirements, and Tax Issues When Passing on a Family Business… 311
Into the book
The income of high-income earners does not end with income tax.
Income disclosed when filing a comprehensive income tax return leads to secondary burdens such as health insurance premiums and gift tax when transferring assets to children.
--- p.20
Necessary expenses refer to actual expenses directly incurred by a business owner to generate income (for workers, this includes the earned income deduction prescribed by law).
Therefore, it is reasonable to deduct these expenses from income and then tax them on actual income.
From this perspective, necessary expenses are the most basic means of reducing taxes.
Of course, it cannot be increased indefinitely, and the standard income rate seen above must be taken into consideration.
--- p.51
In order to reduce income tax, it is necessary to first properly calculate necessary expenses and receive maximum income deductions.
However, calculating the tax in this way does not mean that all procedures are complete.
This is because the next step, the tax support system, remains.
Tax support systems are broadly divided into tax deductions and tax reductions.
--- p.59
There are cases where high-income businesses pay performance-based bonuses to their employees.
It is a kind of bonus paid to employees with good performance.
However, when performance-based pay is paid, there are cases where it is treated as an expense due to the four major insurance premiums that always follow.
In this case, processing it as a retirement pension instead of performance-based pay can be an alternative in this situation. Let's learn about this below.
--- p.97
In accounting, an asset is something that a company currently owns and is expected to provide economic benefits (profits) in the future.
Tax law recognizes expenses incurred from these accounting assets in principle, but restricts this for expenses that are unrelated to business or incurred excessively.
--- p.134
For self-employed individuals, the comprehensive income tax rate increases to a maximum of 45% as income increases.
If you add local income tax here, the effective tax rate reaches 49.5%.
On the other hand, the corporate tax rate ends at 25% (27.5%) no matter how high the income is.
Of course, if the profit is less than 20 billion won, it will be 10-22%, so it will be much lower than this (the corporate tax rate here is scheduled to be applied from 2026).
(9-24% is applied in 2025).
Income disclosed when filing a comprehensive income tax return leads to secondary burdens such as health insurance premiums and gift tax when transferring assets to children.
--- p.20
Necessary expenses refer to actual expenses directly incurred by a business owner to generate income (for workers, this includes the earned income deduction prescribed by law).
Therefore, it is reasonable to deduct these expenses from income and then tax them on actual income.
From this perspective, necessary expenses are the most basic means of reducing taxes.
Of course, it cannot be increased indefinitely, and the standard income rate seen above must be taken into consideration.
--- p.51
In order to reduce income tax, it is necessary to first properly calculate necessary expenses and receive maximum income deductions.
However, calculating the tax in this way does not mean that all procedures are complete.
This is because the next step, the tax support system, remains.
Tax support systems are broadly divided into tax deductions and tax reductions.
--- p.59
There are cases where high-income businesses pay performance-based bonuses to their employees.
It is a kind of bonus paid to employees with good performance.
However, when performance-based pay is paid, there are cases where it is treated as an expense due to the four major insurance premiums that always follow.
In this case, processing it as a retirement pension instead of performance-based pay can be an alternative in this situation. Let's learn about this below.
--- p.97
In accounting, an asset is something that a company currently owns and is expected to provide economic benefits (profits) in the future.
Tax law recognizes expenses incurred from these accounting assets in principle, but restricts this for expenses that are unrelated to business or incurred excessively.
--- p.134
For self-employed individuals, the comprehensive income tax rate increases to a maximum of 45% as income increases.
If you add local income tax here, the effective tax rate reaches 49.5%.
On the other hand, the corporate tax rate ends at 25% (27.5%) no matter how high the income is.
Of course, if the profit is less than 20 billion won, it will be 10-22%, so it will be much lower than this (the corporate tax rate here is scheduled to be applied from 2026).
(9-24% is applied in 2025).
--- p.190
Publisher's Review
Not only for high-income earners, but also for aspiring business owners and the financially wealthy
Tax Saving Strategies
The book consists of a total of 9 chapters.
We've compiled the entire process high-income earners encounter in their daily lives into a single flow, from income tax savings methods, necessary expense management, joint venture operations, asset management using corporations, fund management, tax audit response, and even business succession strategies.
Each chapter includes a "Tax Exploration" section that supplements issues not covered in the main text, helping readers understand the topic.
Although optimized for high-income business owners, it is structured so that high-income workers, aspiring entrepreneurs, and investors with significant financial income can also refer to it.
The author explains, “Even office workers can become business owners at any time, and there may be a family member who is a business owner,” and “This content is also useful for readers who have a side job or financial income.”
This book will be of practical help to high-income readers who want to reduce their tax burden and protect their assets.
Tax Saving Strategies
The book consists of a total of 9 chapters.
We've compiled the entire process high-income earners encounter in their daily lives into a single flow, from income tax savings methods, necessary expense management, joint venture operations, asset management using corporations, fund management, tax audit response, and even business succession strategies.
Each chapter includes a "Tax Exploration" section that supplements issues not covered in the main text, helping readers understand the topic.
Although optimized for high-income business owners, it is structured so that high-income workers, aspiring entrepreneurs, and investors with significant financial income can also refer to it.
The author explains, “Even office workers can become business owners at any time, and there may be a family member who is a business owner,” and “This content is also useful for readers who have a side job or financial income.”
This book will be of practical help to high-income readers who want to reduce their tax burden and protect their assets.
GOODS SPECIFICS
- Date of issue: November 19, 2025
- Page count, weight, size: 320 pages | 152*225*30mm
- ISBN13: 9791124026052
- ISBN10: 1124026053
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