Charlotte Injury Lawyers BlogCharlotte Injury Lawyer Matt Arnold answers the question: “What is the value of my case?”
If you were injured in a crash and received or are about to receive a personal injury settlement, you may wonder, “Will I have to pay taxes on my settlement?”
Articles Tagged with taxable income
The Tax Ramifications Associated with Personal Injury
Charlotte Personal Injury Attorney Matt Arnold answers the question: “The insurance adjuster is saying I am partially negligent what does that mean?”
Everyone must pay taxes on their income. The United States Tax Code is set up so that every person working in the United States pays a portion of federal income tax. There are many distinctions made within the Code that define what is income and what is not income. Everyone always thinks of tax implications and ramifications for employment income, but what about the income one receives in a personal injury suit? Is that taxed as income? Does only a partial amount of the reward get taxed? President Trump’s tax changes have altered prior tax law regarding the handling of personal injury settlements.