if an expense is tax deductible is it resonable to assume that i would get back around 25-30% of that expense?

Question

im trying to figure how mortgage intrest and property tax will factor into my financials. so im wondering if it is resonable to think that i would get back 30% of whatever i paid over the year come tax return time.

i am single and make about 70K per year. I didnt realize that i had to exceed my standard deduction. And i looked up my tax bracket to be about 25-28%. So apparently my question now becomes can i roughly expect to get back 25-28% of (my deductible expenses - $5000 standard deduction)?

Answer 1

Unlikely. The amount you get back depends on your tax bracket - and as someone else already said, you only save in taxes a percentage of the amount b which your itemized deductions exceed your standard deduction.

For example, if you're married filing jointly, in a 25% bracket, and your itemized deductions are $13000, you'd only save about $750 in taxes since you get $10,000 anyway as your standard deduction, so jus save 25% of $3000.

Answer 2

Assuming that your tax bracket is either 25% or 33% and that you will use Schedule A instead of the standard deduction, then the answer is yes.

However, if you Adjusted Gross Income (AGI) is greater than $145,950 for Married filing joint then your deduction is reduced by 3%.

Answer 3

You did not give any information that can be used to determine your tax bracket. The link below should tell you your federal tax rate given your taxable income. Also note: Itemized deductions are only a benefit to the extent they exceed the standard deduction.
For state taxes, see your state tax department website.

Answer 4

depends- if you haven't paid enough over the past year then, no, you won't get it back and you could owe more.
You need to tell more- total expected income, deductions, business income and expenses, etc. Without knowing the numbers it's imposible to guess.