Standard deductions go up, but the ceiling for itemized deductions go down in 2013, plus other changes that will affect your taxes this year.
The Internal Revenue Service announced on Friday 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. 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
Stoneham's 2013 residential tax rate ranks below the state average, according to rates compiled by Patch through the state Department of Revenue's Division of Local Services.
As 2013 begins, property tax rates are increasing for residents across Massachusetts, including in Stoneham — so how does that compare to surrounding communities? Out of 27 communities in the area, Stoneham's 2013 residential tax rate ranks below the state average, according to rates compiled by Patch through the state Department of Revenue's Division of Local Services. Stoneham's 2013 residential tax rate is $13.06, up from $12.61 in 2012. The average residential tax rate for communities surveyed was $13.09 in 2012 and has risen to $13.58 in 2013, according to the data. Chelmsford's 2013 residential tax rate of $17.95 is the highest of the communities surveyed. Cambridge continues to levy the lowest residential taxes, with a 2013 rate of…