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Deductions & credits
No. Any expense that might be a tax deduction can only be claimed in the year it occurs. The whole point of the standard deduction is to give taxpayers some break without having to account for every penny of expenses. You can’t claim the standard deduction in one year, and then also bring itemized deductions forward that you didn’t use and combine them when it is to your advantage. You are certainly allowed to itemize every year if you choose.
January 30, 2021
9:05 AM
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