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.
profit sharing plan. Employee motivation plan (established and maintained by an employer) under which employees receive a share of the firm's profits determined by an agreed upon formula. See also stock bonus plan.