Sitting down with a local tax professional would be a wise choice so you can get educated on all the facets of the income tax laws that will effect your business and to do some tax planning for future years as what you do today can effect the future. You didn't even mention what kind of business you have for income tax purposes and planning for a C-corp/S-corp/Partnership/Sole proprietor would have very different approaches and they all effect your personal tax return in different ways ... too many variables to discuss well on this forum ... seek local professional guidance.
