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, 中小企業経営強化税制 商品 November, and December—present a prime chance to claim deductions that lower your taxable income in 2024.

Whether you’re a small business owner, a freelancer, or a household with a mortgage and a growing list of expenses the correct actions can slash thousands from the amount you owe.

Below are practical, time‑sensitive strategies to maximize deductions before the year ends.

1. Make a "Last‑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 minor expenses can accumulate when paired with other deductions.

2. Speed Up 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.

If your planned purchase exceeds the Section 179 limit or you’re a larger entity, you can still benefit from bonus depreciation, which allows you to take an additional 100% first‑year deduction on qualifying property Be sure to file the correct forms (Form 4562) and confirm the assets satisfy 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 capped at $23,000 in 2024, plus an extra $7,500 catch‑up 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

Note that contributions by December 31st are credited to the 2024 tax year, so do not postpone until the final moment.

4. Optimize 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. Harvest Tax Losses Through Strategic Sales
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. Be mindful of the "wash‑sale" rule: if you buy the same or a substantially identical security within 30 days before or after the sale, the loss will be disallowed.

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.
When you donate appreciated securities, you can dodge capital gains tax on the appreciation and still receive a deduction at full market value
Non‑cash contributions such as clothing, furniture, or vehicles require appraisal 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. Capitalize on Holiday Deductions
The holiday season can create legitimate business expenses that many overlook:
Gifts for employees or clients (up to $25 per person annually)
Marketing and promotional materials dispatched during the holidays
Travel and lodging for business trips taken over 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. Save all receipts, 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 proves useful when a large deduction dips your tax liability below zero; the overpayment can then offset next year’s tax.

10. Stay Updated on 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. 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.

In summary, the last quarter of the year is a strategic window to reap the benefits of a wide range of 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.