Tax Planning is serious for a Small Business.

One of biggest complaints from business owner is that they are paying too much taxes, especially when the business is profitable.  Once you paid your taxes, that money is gone forever.   

There are 3 different buckets of money: taxable income, tax-deferred income, and tax-advantage income.  That is why it is important to have a plan in place of how to reduce, minimize, or eliminate taxes whatever applies to your business.  One example is to set up a retirement plan for both the employer and employees that it would lower taxable income as well as to accumulate tax-deferred income for retirement. But there are many other tax strategies; you should explore them to lower your taxes.