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When the calendar shifts into the closing quarter taxpayers scramble to wrap up the tax year with a clean slate and a favorable balance sheet.

October, November, and December offer a prime window to secure deductions that cut your taxable income in 2024.

Whether you run a small business, work as a freelancer, or manage a household with a mortgage and increasing expenses the correct actions can slash thousands from the amount you owe.

Here are practical, time‑sensitive tactics to boost deductions before the year closes.

1. Create a "Final‑Minute" Expense Checklist
Start by pulling together every receipt, invoice, and expense record from the past year.
Identify categories that are often overlooked:
Office supplies and equipment
Home‑office expenses (if you qualify)
Health‑related costs (medical, dental, and vision)
Vehicle expenses (business mileage or actual costs)
Professional development (courses, conferences, certifications)
Charitable contributions
The key is to capture everything before the December 31st deadline even a small expense can add up when combined with other deductions.

2. Accelerate Capital Expenditures
Should your business have a capital budget, think about purchasing equipment, software, or machinery before year‑end Section 179 lets you deduct the entire cost—up to the limit—of qualifying property in the year it’s placed in service for many small businesses, this offers a sizable deduction that would otherwise be spread over several years under depreciation.

Even if your planned purchase surpasses the Section 179 limit or you’re a larger entity, bonus depreciation still offers an extra 100% first‑year deduction on qualifying property Just make sure you file the appropriate forms (Form 4562) and that the assets meet the IRS criteria.

3. Make Retirement Plan Contributions
Individual retirement accounts (IRAs) and employer‑sponsored plans such as 401(k)s, SEP‑IRAs, and SIMPLE IRAs all offer tax‑deferred growth and deduction potential. Contribute before the April 15th deadline to cut your taxable income for 2024.
Traditional IRA: Contributions are deductible up to $7,000 (or $6,500 if you’re under 50) in 2024, contingent on your income and employer plan participation
401(k) or similar employer plan: Contributions limited to $23,000 in 2024, with an extra $7,500 catch‑up for those 50+
SEP‑IRA or SIMPLE IRA: These are ideal for self‑employed folks and small business owners aiming to contribute a larger share of income

Remember, contributions made by December 31st count for the 2024 tax year, so don’t wait until the last minute to hit your goal.

4. Maximize the Home‑Office Deduction
If you qualify for the home‑office deduction—i.e., you use a portion of your home exclusively and regularly for business—you can take either the simplified method (square footage) or the regular method (actual costs). In the last quarter, you may have already taken the simplified deduction, but if you’re still within the first year of using the space, you can still switch to the regular method for larger savings.

Key points:
Deduct utilities, rent or mortgage interest, property taxes, insurance, and part of your internet bill
Record detailed logs of business against personal use to substantiate your claim

5. Capture Tax‑Loss Harvesting
If you hold investments that have declined in value, the final quarter is the perfect time to consider a tax‑loss harvesting strategy. By selling a losing investment, you can offset capital gains realized elsewhere in your portfolio, reducing your overall tax liability. Avoid the "wash‑sale" rule: buying the same or a substantially identical security within 30 days before or after the sale negates the loss.

6. Donate Cash and Non‑Cash Assets
Charity can be one of the most powerful deduction tools. Contributions of cash, stocks, or other appreciated assets are often deductible at fair market value, which can reduce the cost basis for the donor.
If you donate appreciated securities, you can avoid capital gains tax on the appreciation while still receiving a deduction at full market value
Non‑cash gifts like clothing, furniture, or vehicles must be appraised by a qualified professional if they surpass $500 in value
Retain a written acknowledgment from the charity and preserve the receipt for every contribution

7. Take Advantage of "Holiday" Deductions
The holiday season can create legitimate business expenses that many overlook:
Gifts for employees or clients (up to $25 per person per year)
Marketing and promotional materials distributed during the holidays
Travel and lodging for business trips over Christmas or New Year’s

Ensure you differentiate personal from business gifts and keep receipts that unmistakably reveal the business purpose.

8. Review Medical and Dental Expenses
If you’re close to reaching the threshold for medical expense deductions—currently 7.5% of adjusted gross income—then the last quarter may be the sweet spot to front‑load expenses. Pay for a deductible health plan, dental work, or even elective procedures before year‑end. Save all receipts, 期末 節税対策 as you’ll need them to verify the deduction.

9. Pay Taxes Ahead of Schedule
If you anticipate owing taxes and want to avoid interest or penalties, consider making a prepayment of estimated tax. The IRS allows you to make a payment by December 31st that will count for the current year. This can be especially useful if you have a large deduction that brings your tax liability below zero; you can use the overpayment to offset the next year’s tax.

10. Keep an Eye on New Tax Law Changes
Tax law is dynamic, and last‑quarter changes can affect deductions. For example, the Tax Cuts and Jobs Act (TCJA) may still have provisions expiring by 2025 Stay informed about any extensions or modifications by checking IRS updates or consulting a tax professional.

11. Properly Organize and File
Finally, no deduction is worth your time if you can’t document it. File the correct forms—Schedule C, Schedule E, Form 1040, etc.—and attach any necessary supporting documentation. Consider using tax software that flags potential deductions or consult a CPA to review your return before filing.

In summary, the last quarter of the year is a strategic window to reap the benefits of a wide range of deductions Accelerating capital expenditures, maximizing retirement contributions, harvesting tax losses, and leveraging charitable giving can lower your taxable income and keep more of your hard‑earned money Plan, act, and document—then relax and enjoy the tax savings that result from a well‑executed strategy.