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. the practice of dividing a share of the profits of a business among employees, in addition to paying their regular wages and salaries. noun. A system by which employees receive a share of the profits of a business enterprise.