If filing your small business taxes yourself becomes too complicated or confusing, it's advisable to consult with a professional the first time so you'll understand all of the steps and documentation needed. Step 1. Gather each tax form you need to fill out for the type of business you own.
Definition of profit sharing. : a system or process under which employees receive a part of the profits of an industrial or commercial enterprise.
Additionally, a Profit Sharing Plan is a type of 401(k) plan where the company puts in monies based upon profits in any given year. But in any kind of 401(k), the contribution is defined, not the benefit. A pension plan is a Defined Benefit Plan where the benefit on the backend at retirement is defined.