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.
Roth 401(k) profit sharing plans. A Roth 401(k) plan is a new feature of a 401(k) plan that permits participants to make after-tax salary deferrals into a 401(k) plan. If the employer elects to offer the Roth 401(k) provision, participants will have a choice of making pretax or after-tax salary deferrals.