No that doesn't help so much anymore. That is what the 12,200 is for. 12,200 is the Standard Deduction for a Single person. You get to subtract the 12,200 Standard Deduction from your income. That's why the first 12,200 of income is tax free.
You get to deduct the Standard Deduction or all your deductions whichever is more. Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car Registration fees, etc. And some deductions like Medical and taxes paid are limited.
