Over the last few years, more companies are giving restricted stock instead of stock options as incentives for key employees. Accounting practices began requiring stock options be recognized as an expense, hitting the bottom line of corporate balance sheets. As a result of the shift, more employees now need to deal with the tax implications of restricted stock. Read the rest of this entry »
Choose the tax form that best fits your needs
Note to readers: This is a repost from the IRS website’s tax tips. I thought it was quite useful and concise.
IRS TAX TIP 2009-05
When you file your 2008 individual tax return, you will use one of three IRS tax forms. Be sure to use the simplest form you can, which will help you avoid costly errors or processing delays so you won’t have to wait to receive your refund. Each of these forms can be filed electronically, which speeds up the processing of your return.
Use the 1040EZ if:
• Your taxable income is below $100,000
• Your filing status is Single or Married Filing Jointly
• You (and spouse) are under age 65 and not blind
• You are not claiming any dependents
• Your interest income is $1,500 or less Read the rest of this entry »
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