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.
401k and profit sharing plans are both forms of retirement plans. They allow employees to make pre-tax contributions to an account where contributions and earnings are not taxed until distributed. Some 401k plans require an employer to make contributions to a plan.