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.
A profit-sharing plan is a type of defined contribution plan that is sometimes used as a. supplement to a primary defined benefit plan. Sometimes these plans are structured in such. a way that employees share in their companiesâ profits and potentially gain a greater. interest in their firmsâ success. About 100 years ago, Pillsbury Mills and Procter & Gamble each established a cash. (defined below) profit-sharing plan.