DeductionPro calculates the figure reported as Estimated Tax Savings based on IRS averages and assumptions, as well as the filing status and estimated total income that you enter. The amount calculated as estimated tax savings is just that, an estimate, and may not reflect the actual amount that you save when you complete your tax return. This estimation tool makes the assumption that your itemized deductions, other than charitable donations, are equal to the standard deduction applicable for your filing status.