As of this posting, a deal has been reached on the fiscal cliff. From my cursory overview of the the plan, which was originally proposed by the Senate and then approved by the House, most of the tax rates will be very similar to the ones for the last two years. A few of the significant changes:

The Payroll Tax Holiday has finally lapsed. This was the provision enacted in 2011 that had employees’ contributions to their Social Security reduced. The cut resulted in contributions to the FICA taxes being dropped from 6.2% of earnings to only 4.2%. The Holiday lasted for two years and was mainly used as a spur to economic growth, but with the recent “recovery” is debateable whether it helped at all. You can expect less take-home pay as a result of this lapse.

Estate tax rates are increasing to 40% instead of the recent 35%. The exemption will return to $5,000,000 (it was $5,120,000 in 2012) and will be indexed for inflation. Portability remains in place and the gift tax and estate tax remain unified. All of these provisions are made permanent law.

Captial gain and dividend tax rates will stay the same for married couples earning less than $450,000 ($400,000 for single, $225,000 for married filing separately). For tax filers above the threshold, the rates will increase to 23.8%. The 23.8% will also apply to trusts and estates who have more than $7,500 in taxable income.
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The EITC and Child  Tax Credits will be extended for another five years. The Earned Income Tax Credit (EITC) is a refundable tax credit and applies to low-income workers who have wages and otherwise qualify. The Child Tax Credit is a $1,000 credit for each qualifying child.

Many of the business tax breaks have been extended (and some expanded) for two more years. These include the Section 179 expensing. The 179 rate will be allowed for up to $500,000 in new purchases. In addition, there is language for 50% accelerated depreciation on other qualifying purchases made and placed in service prior to the end of 2013.

As more information becomes available, I will try to keep everyone informed.