The convergence of these tax events has been dubbed taxmageddon, taxopocalypse or likened to standing on the edge of a fiscal cliff. But it's possible that the tax catastrophe, whatever it's called, might be averted.
It's unlikely any tax deal will be cut before November. Both Democrats and Republicans see it as a good election issue.
But after Nov. 6, a lame-duck Congress and President Barack Obama could reach a deal similar to the one agreed to in late 2010 that put off the tax decisions until now. Or not.
That uncertainty is almost as troubling as the expiring tax breaks. And both are making life very unsettling for taxpayers and their financial advisers.
Lots of higher tax rates
If 2013 arrives without Capitol Hill taking action on the Bush tax cuts, tax rates will rise for all, not just the top tier of taxpayers. The 10 percent rate will disappear, meaning that everyone will see at least some of their income taxed at 15 percent.
Income ranges for the tax rate brackets also will change, meaning the marriage tax will return for more couples. With the so-called marriage tax penalty, a husband and wife pay more in taxes when they file jointly than they would as single taxpayers.
Below are some key provisions that, without further legislative action, will change dramatically next year. Most of these tax law changes took place when President George W. Bush was in office. Known as the Bush tax cuts, they were enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001, or EGTRRA, and the Jobs and Growth Tax Relief Reconciliation Act of 2003, or JGTRRA.