Yes, a big refund check is a good indicator of a reduction in tax liability. Your employer takes out taxes based on your W-4 form. If you fill it out correctly (as the instructions guide you), then at the end of the year your deductions are calculated according to the itemized deductions or standard deduction according to prevailing tax laws .... you get a lot back ... . That old story of loaning the money to the government is actually correct. I see it as my contribution, allowing them to invest and gain throughout the year with my help.
Now, back to the S-Corporations .... even more deductions, because each one is a entity of it's own.