Tax planning for a business is crucial. The very fact that how taxation related issues have been dealt with in your business plans can create a huge difference between success and failure of your business. While you are working hard on preparing business plans and projections, you just cannot afford to ignore tax related matters. If you are not careful in your planning, you may end up paying a fortune of money in the form of taxes, which can actually leave a serious dent on the overall income or profit of your business. Following is a brief rundown on some of the tips and suggestions that you may find very useful, especially if you are starting a new business.