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Foreign profit sharing is a strategic tool for business owners to reduce taxes and enhance savings. This tutorial focuses on a specific type of profit sharing related to retirement plans, highlighting three main employer contribution types: match contributions, safe harbor contributions, and profit churn contributions. Profit sharing allows for flexible contributions, enabling business owners to save up to the IRS maximum of $64,500 annually. These contributions are tax-deductible and grow tax-deferred. Profit sharing's discretionary nature allows business owners to determine annually if and how much to contribute, accompanied by a six-year vesting schedule.
