We all want to lower our taxes, and deductions are a good way to make that happen. Deductions allow you to exempt a portion of your income from taxes, and your savings are based on your effective tax rate. If you typically fall into the 25% tax bracket and manage to scrounge up $10,000 in deductions, you’ll shave a cool $2,500 off your tax bill. While some deductions, like mortgage interest and charitable contributions, can be rather sizable, other deductions will make less of a dent in your tax bill.