Tax tips: Overlooked deductions
About 1 in 5 taxpayers miss the Earned Income Tax Credit, leaving thousands of dollars on the table. FOX 13’s Craig Patrick shares what to look out for.
TAMPA, Fla. – Millions of Americans leave money on the table every tax season. About 1 in 5 eligible taxpayers miss the Earned Income Tax Credit (EITC), which is worth nearly $3,000 on average.Â
Additionally, taxpayers can deduct up to $2,500 in student loan interest paid, even without itemizing. This phase-down starts for single filers earning more than $85,000 and disappears entirely if you make more than $100,000.
For those with high-deductible health plans in 2025, HSA contributions are deductible without itemizing. The limit is $4,300 for an individual and $8,550 for family coverage.
Local perspective:
The state and local tax deduction (SALT) cap recently quadrupled from $10,000 to $40,000.Â
Even without a state income tax, this applies to Florida residents because you can deduct your local property taxes combined with estimated state sales taxes.
What you can do:
If you made a home energy improvement last year, you need to act now.Â
The credit for heat pumps, windows, and insulation expired on December 31. If you made qualifying upgrades before that date, be sure to claim the credit.
The Source: Deduction limits, phase-outs, and expiration dates are sourced from the IRS tax code for the 2025 filing year. Statistics on the Earned Income Tax Credit are provided by IRS historical data.