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.
Deferred Profit Sharing Plan --DPSP : A Deferred Profit Sharing Plan (DPSP) is a simple, flexible arrangement whereby a plan sponsor distributes a portion of the company's pre-tax profits. Specified shareholders (i.e., individuals who own, directly or indirectly, more than 10% of company stock) are excluded. Employees do not contribute to the plan.