1) Big‑Ticket Accelerations: Section 179 and Bonus Depreciation Publication 946

• Section 179 expensing lets you deduct the full cost of qualifying property (tangible personal property, off‑the‑shelf software, and certain qualified real property) placed in service by year‑end, subject to annual dollar limits and business‑income limits; ensure assets are “placed in service” (not just ordered) before 12/31. See Section 179 overview, current limits, SUV cap, and business‑income carryover mechanics in IRS Publication 946. Publication 946

• Bonus depreciation under MACRS remains a powerful tool for property with a recovery period of 20 years or less; it applies after any §179 deduction and follows phase‑down percentages for recent years per Publication 946. Confirm eligibility and placed‑in‑service timing to take the appropriate additional first‑year depreciation. Publication 946

• Luxury auto limits and listed property rules can constrain vehicle deductions; if the asset is a passenger automobile, apply the annual depreciation caps and ensure business use exceeds 50% to retain benefits. See vehicle depreciation and listed property rules in Publication 463 and Publication 946. Publication 463; Publication 946

Action checklist (capital assets):

• Place qualifying assets in service by 12/31 and document placed‑in‑service date, cost, class life, and business‑use percentage. Publication 946

• Decide §179 vs. bonus depreciation per cash flow and taxable income forecast. Publication 946

• For vehicles, validate business use and apply annual auto limits as needed. Publication 463

2) The Qualified Business Income (QBI) Deduction (Section 199A) Instructions for Form 8995 (2024)

For pass‑through owners (sole proprietors, partnerships, LLCs taxed as partnerships, S corporations), the QBI deduction can be up to 20% of net qualified business income, subject to wage and property limits at higher incomes; year‑end levers include managing taxable income to remain within thresholds, tracking W‑2 wages and UBIA of qualified property, and aggregating trades/businesses when allowed. Compute with Form 8995/8995‑A and supporting statements. See operative rules, examples, and thresholds in the instructions and guidance on calculating W‑2 wages for QBI purposes. Instructions for Form 8995 (2024); Form 8995‑A (2024); Rev. Proc. 2019‑11 (W‑2 wages methods)

3) Vehicles, Travel, and Meals: Tighten Substantiation and Timing Publication 463

• Vehicle expenses: Choose the standard mileage rate or actual expenses method and keep contemporaneous mileage logs. Standard mileage rules and restrictions (including switching rules, recordkeeping, and listed property) are detailed in Publication 463 and Topic No. 510. Actual expense users must track gas, maintenance, insurance, and depreciation. Publication 463; Topic No. 510

• Travel and business meals: Deduct ordinary and necessary travel “away from home” with strong records (dates, times, business purpose, receipts, agendas). The general 50% meals limit applies; per diem options are available. Publication 463

Year‑end action:

• Reconcile mileage logs and choose the most favorable method (note lock‑in rules when placed in service). Topic No. 510

• Book any reimbursable expenses or employer‑provided fringe benefits correctly (for employers, see valuation methods, cents‑per‑mile, and reporting in Pub. 15‑B). Publication 15‑B (2025)

4) Home Office Deduction (if eligible) Publication 946

Self‑employed owners may deduct home office expenses when they meet the exclusive and regular use tests (principal place of business, client meetings, separate structure, storage, or daycare). Choose between the simplified method or actual expenses (Form 8829) and ensure documentation supports business use (floor‑space percentage, time ratios, direct vs. indirect expenses). See “Office in the home” references in Publication 946. Publication 946

5) Retirement and Health: Contributions and Fringe Benefits Publication 15‑B (2025)

• Consider maximizing year‑end contributions to business retirement plans (e.g., SEP, SIMPLE, 401(k)) and coordinate plan deadlines with your provider and entity status. Review employer reporting and benefits interaction using current IRS publications. Publication 15‑B (2025)

• Health fringe benefits & HSAs: Employer‑provided health benefits and HSAs have specific exclusion and reporting rules; ensure year‑end payroll and fringe entries (including personal use of employer vehicles) follow proper valuation, withholding, and information‑return reporting per Pub. 15‑B. Publication 15‑B (2025)

6) Credits and Deductions Beyond Depreciation Publication 946

Scan current IRS publications for business incentives that hinge on placed‑in‑service dates and certifications (for example, energy‑related incentives), and align documentation accordingly as you close the year. Verify terms in the relevant IRS guidance and keep placed‑in‑service proof. Publication 946

7) Accounting Methods, Capitalization, and the De Minimis Mindset Publication 946

• Capitalization vs. deduction: Ensure improvements are capitalized and repairs are expensed appropriately; Publication 946 explains how to treat repairs and improvements and where depreciation begins/ends. Publication 946

• With Publication 535 discontinued, rely on Publication 946 and other current IRS resources for expense and capitalization guidance; the 2022 Pub. 535 provides historical context but is no longer updated. Publication 946; Publication 535 (2022)

8) Entity Hygiene: S‑Corp, LLC, C‑Corp Publication 15‑B (2025)

Confirm your entity’s filings and payer status (income tax returns, payroll returns, W‑2/1099 readiness). Align fringe‑benefit and payroll reporting to your entity classification and keep year‑end compliance aligned with current IRS employer guidance. Publication 15‑B (2025)

9) Estimated Taxes and Cash‑Flow Planning Topic No. 653

Avoid underpayment penalties by meeting safe harbor thresholds; adjust withholding or make Q4 estimated payments on time. Review interest and failure‑to‑file/failure‑to‑pay penalties and avoid late charges by paying by the due date. Topic No. 653

10) Documentation: Build a Defensible File Publication 946

Prioritize year‑end substantiation alongside your deductions:

• Fixed asset register with invoices, placed‑in‑service dates, asset class lives, and business‑use percentages. Publication 946

• Mileage logs and travel documentation (agenda, purpose, attendees, receipts) and method selection proof. Publication 463

• Home‑office floor‑space calculations and exclusive‑use evidence (or simplified‑method worksheets). Publication 946

• QBI packet: QBI items by trade, W‑2 wages, UBIA, aggregation statements, and Form 8995/8995‑A drafts. Instructions for Form 8995 (2024); Form 8995‑A (2024); Rev. Proc. 2019‑11

• Fringe‑benefit valuations and payroll reporting for employer‑provided benefits. Publication 15‑B (2025)

Comprehensive Year‑End Checklist Publication 946

• Capital assets:

  • Place qualifying property in service and choose §179 vs. bonus depreciation; retain placed‑in‑service documentation. Publication 946

  • Confirm vehicle limits and listed property rules; validate >50% business use. Publication 463

• QBI:

  • Project taxable income; capture W‑2 wages/UBIA; prepare Form 8995/8995‑A worksheets and aggregation statements as applicable. Instructions for Form 8995 (2024); Form 8995‑A (2024); Rev. Proc. 2019‑11

• Vehicles/travel/meals:

  • Finalize mileage logs and per diem/actuals; adhere to the 50% meals limit and listed property documentation. Publication 463

• Home office (if eligible):

  • Choose simplified vs. actual method; retain worksheets and eligibility evidence. Publication 946

• Retirement and health:

  • Maximize contributions where feasible and verify fringe‑benefit valuations and reporting for year‑end payroll. Publication 15‑B (2025)

• Accounting methods/capitalization:

  • Apply repair vs. improvement rules; ensure elections and depreciation records are documented. Publication 946

• Entity hygiene:

  • Confirm filing obligations and classification; ensure year‑end payroll/benefit reporting aligns with IRS employer guidance. Publication 15‑B (2025)

• Estimated taxes:

  • Meet safe harbors; adjust withholding or make Q4 estimated payments to avoid penalties. Topic No. 653

Quick References Publication 946

• §179 Expensing (rules and limits): IRS Publication 946. Publication 946

• Bonus Depreciation / MACRS: IRS Publication 946. Publication 946

• Luxury Auto / Listed Property caps: IRS Publication 463. Publication 463

• QBI Deduction (forms, instructions, and W‑2 wage methods): Instructions for Form 8995 (2024), Form 8995‑A (2024), and Rev. Proc. 2019‑11. Instructions for Form 8995 (2024); Form 8995‑A (2024); Rev. Proc. 2019‑11

• Travel, Meals, and Vehicle Expenses: IRS Publication 463 and Topic 510. Publication 463; Topic No. 510

• Home Office Deduction (overview in depreciation guidance): IRS Publication 946. Publication 946

• Fringe Benefits (valuation, withholding, HSAs): IRS Publication 15‑B (2025). Publication 15‑B (2025)

• Expense/Capitalization (repairs vs. improvements): IRS Publication 946; legacy context in Publication 535 (final revision 2022). Publication 946; Publication 535 (2022)

• Estimated Taxes and Penalties: IRS Topic No. 653. Topic No. 653

With these actions and references, you can confidently finalize year‑end purchases, elections, and documentation to maximize deductions while staying aligned with IRS rules. For complex assets or multi‑entity structures, involve your tax advisor early, and anchor each deduction to precise placed‑in‑service dates, business‑use support, and election statements cited above. Publication 946