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[Music] welcome to part one of our profit sharing plan Insight videos in this video we are going to discuss what a profit sharing plan is a profit sharing plan is a form of a defined contribution DC plan that relies on employer contributions to employees accounts a business owner who wants to set up a profit sharing plan for the benefit of herself and her employees may make generous contributions that are tax tax deductible and enjoy tax deferred growth lets go over the basics of profit sharing plans profit sharing plans can consist of either cash bonuses or contributions to tax advantaged retirement accounts for the purposes of this video lets focus on the retirement savings side of things a profit sharing plan is a bit like a 401k minus the Deferred salary aspect take a 401k subtract the employee contributions and keep the company match and youve got a good idea of why what a profit sharing plan is with a profit sharing plan an employer establishes and makes voluntary contribution
