This is certainly a good news, bad news message. That the cost of living for all of us, from food to commodities like gasoline, has gone through the roof over the past several years is no surprise and painful. That is clearly the bad news.
The good news is that the tax law provides for adjustments which mitigate some of the damage of ongoing rises in cost of living.
To review recent changes see a recent message from UHY, LLP at the following hyperlink.
IRS Announces 2012 COLA Adjustments
