What are the best tax strategies for business owners with strong profits?

A simple one can be making purchases before the end of the year. This reduces taxable income in the year the purchases are made. You also want to make sure you are taking money out of the business efficiently.
Retirement accounts can also be a great place to build wealth outside of your business while also reducing taxable income in the business. These can also be great employee incentives when combined with profit sharing and employer matching. We have found that many business owners would rather keep a little bit less money if it meant giving more to their employees instead of having to pay a bunch of taxes.