Deductions & credits

Deductions only reduce your income so you get taxed on a lower amount.   It's not a 1:1 savings on the tax.   You only save the amount of your tax bracket.   Like if you are in the 25% tax rate a $100 deduction only reduces the tax by $25.

 

And also all your deductions have to be more than the Standard Deduction to be used.  So then only the amount that puts you over the Standard Deduction makes a difference.

 

For 2020 the standard deduction amounts are:

Single 12,400 + 1,650 for 65 and over or blind (14,050)

HOH 18,650 + 1,650 for 65 and over or blind

Joint 24,800 + 1,300 for each 65 and over or blind

Married filing Separate 12,400 + 1,300 for 65 and over or blind