The alleged tax hike set to hit on January 1st, 2013 are what experts are warning of an end of year "Taxmageddon" that will hit the middle class and hard working business owners even harder.

The coming tax Armageddon at the end of 2012 brings the end to $500 billion in tax breaks all at the same time. This is estimated to increase the average tax bill by $3,800, eliminating the $124 billion payroll tax cut and raise the tax rate on entrepreneurs.