Now that the year is over so is all the talk about the fiscal cliff. Will the outcome affect you? Most likely yes. The biggest change was the end of the reduced social security taxes withheld from your paycheck. Your social security withholding tax went up from 4.2% to 6.2% for all paychecks in 2013. High income taxpayers (over $250,000) may see their income taxes going up and their deductions being reduced. If this is you, some extra tax planning will be needed this year.