Tax Day is a typically American phenomena, the last day to file due tax returns to the federal government and wrap up a financial year. It has been categorically observed on April 15th every year.

The day has a long overdrawn history dating back to the Civil War era. According to older traditions, taxes were collected based on assessments, functioning loosely under the Revenue Act 1861.There was no strict deadline or organizational structure to enforce a due date per say.

However, following the Sixteeenth Amendment of the U.S Constitution in 1913, the Congress was legally empowered to tax all income groups irrespective of apportionment criteria- income from on rents, dividends etc.

The year 2013 began with the "fiscal cliff" hanging on their heads. With the Congress taking over the reigns, some amount of permanency was accorded to the SMBs. While it allowed them to plan out their future business course, the complex tax code was a tangle.

To talk of taxes in the present day, no one really understands the minute nitty gritties. This allows the policymakers to squeeze out the hard earned working population of their incomes. When it comes to Small Businesses, minimizing that tax bill becomes all the more important as the system remains a noose around self-employed workers.

In a recently concluded survey by the National Federation of Independent Business, 99% of small business owners are unable to figure out the complex tax code. This leads them to employ professionals to handle the job for them.

While this year's sortie is almost over, the Administration has some help on offer for the business fraternity. The problem crops up from the awareness point of view. Most of the business still remain unclear of the temporary provisions that can be availed through the Section 179  depreciation deduction.

What this means is that according to the IRC a taxpayer can opt for a deduction cost on certain types of property in their income taxes as an expense. "This property is generally limited to tangible, depreciable, personal property which is acquired by purchase for use in the active conduct of a trade or business." However it is only a optional measure and taxes can be levied if found necessary.

Added to this the U.S Small Business Administration offers other resources to the enterprises before filing their returns. A government run website BusinessUSA, also explains tax queries. The most important move probably is the NASE (National Association for the Self-Employed)- a public awareness initiative conducting live webinars for "the public, the self-employed, and micro-businesses" across the nation.

Keeping the general opinion in the view, the Chamber of Commerce survey reports that 8 out of every 10 SMBs call for a comprehensive tax reform. But don't we all know how long a legislation takes to materialize. Till then SMBs cannot afford to loose out in the race.

Read these useful tips by the CEO of New Vision CPA Group- Jody Padar to gear yourself for the next tax returns sortie, if you are not already following them.