What happens to your taxes if we go over the fiscal cliff

Fiscal cliff image via Shutterstock.

If you’ve been paying any attention to the news, you doubtless know that the United States is rapidly approaching a “fiscal cliff.”

This is the date that various tax cuts and benefits enacted over the past 11 years are set to expire. That date is Jan.1, 2013.

It’s quite possible that President Obama and Congress will come to some agreement before Jan. 1 and extend at least some of these tax cuts.