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.
1 Contributions and earnings generally are not taxed by the Federal Government or by most state governments until they are distributed.  A profit sharing plan may allow participants to take their benefits with them when they leave the company, easing administrative responsibilities.