5 Things: Gillette Stadium Concert Hearings, 2013 Tax Rates and Standard Deductions & More
Here's five things you need to know in Foxborough for today, Jan. 15.
Editor's note: Five Things You Need To Know Today is a Patch column that provides readers with essential, daily information at a glance. If you know of something happening in town that did not make our list, please add it in the comment section!
1. Expect a Partly Sunny Tuesday in Foxborough
Today’s weather in Foxborough, according to the National Weather Service based in Taunton, calls for a partly sunny, with a high near 41. North wind around 5 mph becoming calm in the afternoon. Tuesday night: A chance of snow showers, mainly after midnight. Mostly cloudy, with a low around 27. Calm wind. Chance of precipitation is 40%. Little or no snow accumulation expected.
2. Foxborough Board of Selectmen to Meet Tuesday
Foxborough’s Board of Selectmen will meet at Town Hall at 6 p.m. Tuesday in executive session to discuss a litigation matter. The board will follow with a public meeting at 7 p.m. to discuss the following town business:
BOS chair James DeVellis will update the board on his discussion with the Kraft organization.
A continued public hearing for the Kenny Chesney concerts in August at Gillette Stadium will resume Tuesday at 7:10 p.m. Walpole’s Board of Selectmen and Town Manager are expected to attend.
At 7:30 p.m., the BOS will resume the continued public hearing for the Taylor Swift concerts at Gillette Stadium in July.
At 7:45 p.m. the BOS will open the public hearing for the Bon Jovi concert at Gillette Stadium in July.
At 8:15 p.m., Town Manager Kevin Paicos is expected to discuss the regional sewer agreement finance plan with the BOS. Members of the Water and Sewer Board and DPW Director Roger Hill will also be on hand.
3. New 2013 Tax Rates and Standard Deductions
The Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012.
The tax items for 2013 of greatest interest to most taxpayers include the following changes.
- Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates — 10, 15, 25, 28, 33 and 35 percent — remain the same as in prior years. The guidance contains the taxable income thresholds for each of the marginal rates.
- The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from $5,950 ($11,900 for married couples filing jointly) for tax year 2012.
- The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly).
- The personal exemption rises to $3,900, up from the 2012 exemption of $3,800. However beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $150,000 ($300,000 for married couples filing jointly). It phases out completely at $211,250 ($422,500 for married couples filing jointly.)
- The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for married couples filing jointly), set by the American Taxpayer Relief Act of 2012, which indexes future amounts for inflation. The 2012 exemption amount was $50,600 ($78,750 for married couples filing jointly).
- The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have three or more qualifying children, up from a total of $5,891 for tax year 2012.
- Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012.
- For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from the $125 limit that had been in place).
Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41.
-News release from the Internal Revenue Service
4. Patriot Place Events:
- Lucky Lunch at CBS Scene - You could win playoff tickets: Join CBS Scene for lunch Monday thru Friday this week and enter to win a pair of tickets to Sunday’s AFC Championship game, $100 CBS Scene gift card and EXCLUSIVE game day reservations.
- 11 a.m. - Storytime at Showcase Cinema de Lux: Meet Clifford at Kids Club Storytime.
- 6 p.m. - Free information session - Weight Loss Surgery: If you are thinking about weight loss surgery and have questions, come to a free information session provided by the Center for Metabolic Health and Bariatric Surgery at Brigham and Women’s Hospital and Brigham and Women’s Faulkner Hospital.
5. Kindergarten Sign Ups is this Week
- Foxborough Public Schools is holding registration for incoming kindergarten students for the 2013-14 school year on Tuesday and Wednesday from 2-7 p.m. at the Igo Elementary School cafeteria. Children must be 5 years old on or before Aug. 31. Notarized birth certificate and proof of residency required for registration. Health forms are available upon arrival.