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.
Skokie, IL. A profit sharing plan is usually offered by an employer. Typically it is linked with a 401k plan. Each year the employer has the option of putting in company money on behalf of their employees in the form of a profit sharing contribution.