I work for a startup company where I was giving stock as part of compensation with 25% per year vesting agreement. It has been one year since I've been working here and 25% of my allotted shares have been vested (so I own them now). The company is still private and not traded. The share value is really low right now due to low evaluation. I don't know how to deal with this as far as paying taxes is concerned. People tell me that you have an option to pay taxes now or later when they are publicly traded. Is that right? Do you only pay tax on stock once? Should I file for them with this years tax? Which forms do I need? I'm totally lost on this matter. Please help.

Thanks.
Haider.

To be frank, your tax question is a rather complex one which goes beyond my level of expertise.

You need to get professional tax help from either a CPA or an enrolled agent.