These can offer a major tax benefit. You can set up a plan for your business (we can help); you can contribute to IRAs, Roth IRAs, and SEPs.
Some plan contributions need to be made by April 15, like IRA plans. Other plans like SEPs and profit sharing type plans can have contributions made as late as the extension date for tax returns, September 15 for corporations, partnerships, and LLCs and October 15 for individuals who have a business with a retirement plan.
Also, some younger people (maybe your kids!) can get a tax credit for contributions to retirement plans if their income is low. So your child gets the full benefit without having to put up as much money for the contribution.
Tip: Work with your CPA on getting a plan for you and your business and get the contributions into your budget and make the contributions! Also, bring in your kids tax data so we can see if they qualify for a tax credit for contributions to retirement plans.