What's going on everybody hope you're having a good day as always my name is Michael and for anyone new to this channel we're a channel and a community dedicated just helping people with their everyday basic personal financial knowledge now today we're going to be going over a service called TaxACT which is a company that I use for filing my taxes and I've used them for about seven years now I want to go over things like who they are why I've used them who I think would benefit from them and then some of the features that I like about them now before we get started I do want to say the guys I'm not a tax expert by any means I'm not a CPA I cannot give you tax advice all I really want to do is just go over a service that I've used because I think far too many people overpay for having someone do their taxes for them when it's really a somewhat easy process for a lot of people now is this service good for everyone I can't say that it is but I can at least tell you kind of why I use them and what I think is great about them so what is Tax Act and to put it really really simply Tax Act is a tax filing service that you do online kind of like TurboTax and H&R Block has a version of their online tax filing software Tax Act really is is just a website that I go to to file my taxes and for the majority of the seven years that I've used them I've done it for free every company has kind of like their tiered versions of what they offer and what they get...
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3921 Taxact Form: What You Should Know
Form 3921: Form 3921-Exercise of an Incentive Stock option- IRS If an employee transfers stock to an executor, trustee, or court on your organization's behalf, you'll have to report the transfer on your IRS Form 5471. If you sell or otherwise dispose of assets, report on Form 1038. If an entity makes a sale or other disposition of any interest that the entity owns as a result of a sale or other disposition you made while withholding, report on Schedule D of Form 1040 (or Form 2441 for sales and dispositions by corporations). If you pay benefits in cash, report on Schedule SE If a distribution is made from an employee deferred compensation plan, report this on Schedule D of Form 1040 (or Schedule SE (G)). Employee Stock Options (SOS) SOS are stock options granted by companies after June 24, 2005, to certain former employees. The benefits accrue while the employee is a qualified employee for all options granted after June 24, 2005. If an ESO is granted, you have an option in favor of the employee to purchase the option stock. If an ESO is issued, you have an option to purchase the ESO when the ESO issuable. If SOS are issued after July 21, 2005, the options are granted for all vested dates, even the vesting dates. An ESO grants additional options on any non-vested dates. The ESO is considered a security for federal tax purposes. An ESO is treated as property when disposed of. If an ESO is converted to common stock, the ESO becomes stock. If an ESO is converted to common stock and not exercised, the ESO becomes an option to purchase the stock. If an ESO is converted to common stock and exercised after vesting, the ESO becomes a restricted stock unit (RSU). Your organization should review your ESO policies. If a restricted stock unit (RSU), or ESO is issuable, you should consider either purchasing the RSU for shares purchased under the ESO program or selling the shares. If stock is not needed in the organization, SOS may be considered property and subject to capital gains tax (if the ESO is sold).
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