Effective tax planning for your small business can have a big change in your bottom line. For small businesses, minimizing the tax liability can provide more money for expenses, investment, or growth. Experts recommend that entrepreneurs and small business owners conduct formal tax planning sessions in the middle of each tax year. This approach will give them time to apply their strategies to the current year as well as allow them to get a jump on the following year. It is important for small business owners to maintain a personal awareness of tax planning issues in order to save money.