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When the calendar turns into the final quarter many taxpayers find themselves scrambling to close out the tax year with a clean slate and a favorable balance sheet.

The last three months—October, November, and December—present a prime chance to claim deductions that lower 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 right moves can shave thousands off the amount you owe.

The following time‑sensitive strategies help you maximize deductions before year‑end.

1. Compile a "Last‑Moment" 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 most important step is to gather everything before the December 31st cutoff even minor expenses can accumulate when paired with other deductions.

2. Accelerate Capital Spending
If your business has a capital budget, you might buy equipment, software, or machinery before year‑end With Section 179, you can deduct the full cost—up to the limit—of qualifying property in the year it’s placed in service for many small businesses, this can mean a sizable deduction that would otherwise be spread over several years under depreciation.

Should your planned purchase exceed the Section 179 limit or you’re a larger entity, bonus depreciation still lets you take an extra 100% first‑year deduction on qualifying property Be sure to file the correct forms (Form 4562) and confirm the assets satisfy IRS criteria.

3. Contribute to Retirement Plans
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, based on your income and employer plan involvement
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 especially useful for self‑employed individuals and small business owners looking to contribute a larger percentage 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. Use the "Home‑Office" Deduction Wisely
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:
Take deductions for utilities, rent or mortgage interest, property taxes, insurance, and a slice of your internet bill
Maintain detailed logs of business versus personal use to support 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. Watch out for the "wash‑sale" rule: purchasing the same or a substantially identical security within 30 days before or after the sale disallows the loss.

6. Charitable Giving: Cash and Non‑Cash Contributions
Charity can be one of the most powerful deduction tools. Contributions of cash, stocks, 期末 節税対策 or other appreciated assets are often deductible at fair market value, which can reduce the cost basis for the donor.
Donating appreciated securities lets you sidestep capital gains tax on the appreciation while still earning 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
Hold a written acknowledgment from the charity and keep the receipt for each 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 each year)
Marketing and promotional materials sent out during the holidays
Travel and lodging for business trips during Christmas or New Year’s

Be sure to distinguish between personal gifts and business gifts, and keep receipts that clearly show the business purpose.

8. Inspect 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. Keep all receipts, as you’ll need them to substantiate the deduction.

9. Prepay Estimated Taxes
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 proves useful when a large deduction dips your tax liability below zero; the overpayment can then offset next year’s tax.

10. Monitor Tax Law Updates
Tax law is dynamic, and last‑quarter changes can affect deductions. As an example, the Tax Cuts and Jobs Act (TCJA) might still phase out certain provisions 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.

To sum up, the final quarter offers a strategic window to reap the benefits of diverse deductions By accelerating capital expenditures, maximizing retirement contributions, harvesting tax losses, and taking advantage of charitable giving, you can lower your taxable income and potentially keep more of your hard‑earned money Plan, act, and document—then sit back and enjoy the tax savings that come from a well‑executed strategy.