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.
For example, a defined contribution plan that. is called a profit-sharing plan can be composed of 3 separate plans: one with across-the-board. contributions for all eligible employees, one with employee contributions (a 401k plan); and one. with matching contributions to 401k contributions.