Business Making 7 Figures - Taxes are killing me - Advice?

[kwes43]

My Business is now profiting 7 figures, but I'm getting killed on the taxes. My business is an S-Corp and all the income flows down to my personal which puts me in the highest bracket. I don't mind paying some taxes, I just don't like paying 40% of my income (15% would be much more reasonable).

Any advice or what I can do to alleviate some of my tax burden?

What is the best entity for high profit businesses?
What do other 7 figure+ business do to offset some of their taxes?
Should I have the business purchase investments and things of value to lower the income (replacing the cash with investments)?