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Foreign profit sharing is a strategic tool for business owners to reduce taxes and enhance savings, specifically relating to retirement plans. There are three main types of employer contributions: match contributions, safe harbor contributions, and profit churn contributions. Profit sharing allows for flexible contributions up to an IRS maximum of $64,500 per year, which are tax-deductible and grow tax-deferred. This approach is advantageous as it is discretionary, enabling business owners to decide annually on contributions and amounts. Additionally, profit sharing includes a six-year vesting schedule, providing further benefits for both employers and employees.
