A deduction is just that, it reduces your taxable income. It is not a refund. A $300 tax reduction for a $1,320 deductions would indicate that you are probably somewhere around the 23% tax bracket. (Each dollar of deduction will lower the tax by about 23 cents.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**