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Foreign profit sharing is a strategic tool for business owners to reduce taxes and enhance savings. This discussion focuses on profit sharing within retirement plans, highlighting three main contribution types: match contributions, safe harbor contributions, and profit churn contributions. Profit sharing allows business owners to contribute up to the IRS maximum of $64,500 per year, with contributions being tax-deductible and growing tax-deferred. The flexibility of profit sharing makes it an attractive option, as business owners can choose whether and how much to contribute each year. Additionally, profit sharing includes a six-year vesting schedule for employees.
