So far it hasn't really been that bad. My company actually had revenues this year thanks to my Intel contest winnings but not enough to actually cause any financial burden. It's more just the hassle of filling out the paper work. Last night I quickly did my city of Seattle taxes which amounts to a bill for $0. If your company doesn't have at least $50k in revenues you don't have to pay any taxes which is nice. Next up is Washington State taxes. I think it's a similar setup. After that it's just federal taxes.
While this all sounds like a pain, and it almost is, it really isn't that difficult due to the fact that my company involves just me, very little in revenues, and no fancy deductions. Hopefully this will all change sometime in the future but for now it's still a good motivator.