When the calendar flips into the last quarter of the year 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’re a small business proprietor, a freelancer, or a household with a mortgage and accumulating expenses the proper steps can trim thousands from what 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
Capturing everything before the December 31st deadline is crucial even minor expenses can accumulate when paired with other deductions.

2. Accelerate Capital Expenditures
Should your business have a capital budget, think about purchasing 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 provide 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 Just make sure you file the appropriate forms (Form 4562) and that the assets meet the 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. Make a late‑year contribution before the April 15th deadline to reduce your taxable income for 2024.
Traditional IRA: Contributions are deductible up to $7,000 (or $6,500 if you’re under 50) in 2024, depending on your income and participation in an employer plan
401(k) or similar employer plan: Contributions are limited to $23,000 in 2024, with an additional $7,500 catch‑up contribution allowed for those 50 and older
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

Keep in mind that contributions by December 31st apply to the 2024 tax year, so avoid a last‑minute rush.

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:
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. Execute 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, 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 such as clothing, furniture, or vehicles must be valued by a qualified appraiser if they exceed $500 in value
Keep a written acknowledgment from the charity, and don’t forget to retain 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 期末 節税対策 business gifts, and keep receipts that clearly show 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, as you’ll need them to verify the deduction.

9. Pay for Taxes Early
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 is particularly helpful if a sizable deduction pushes your tax liability below zero; you can then apply the overpayment to the 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. File Correctly and Organize
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 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.