If you arrive at the end of the year and need a business or rental deduction to make sure that you don’t creep into the next tax bracket, then consider pre-paying 2025 expenses in 2024. You can pre-pay up to 1 years’ worth of 2025 expenses in 2024 and take a deduction for that pre-payment in 2024. You can pre-pay 12 months of phone bills, utilities, rent, supplies, insurance, etc. Remember, you get a deduction for what you charge on your credit card in 2024 on your 2024 return even if you don’t pay off the credit card until a future year.
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