If you have suffered an injury as the result of the negligence of someone else, particularly a motor vehicle accident, you are probably already aware of the financial hardship that can result. Medical bills begin piling up on top of car payments, rent, grocery bills, and all of the other expenses of daily living. If the injury kept you off the job for more than a few days, the problem becomes even worse.
In general, there is no taxation on the proceeds of a personal injury settlement, but each settlement could have aspects of it that do count as income. The internal revenue code section 104(a)(2) indicates that damages based on “physical injuries… READ MORE
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