Closeup of a dictionary page angles to the left, focusing on the word TAXABLE in red lettering surrounded by its definition in black lettering, positing the question, Is a personal injury settlement taxable in Philadelphia?

As we all know, the Internal Revenue Service likes to get its piece of every bit of income you make. The question, is a personal injury settlement taxable, often comes down to whether money or assets you receive is “income.” The IRS defines income as compensation for services, including wages, fees, commissions, and similar items….

A torn white piece of paper with the word SETTLEMENT in all black caps sits on hundred dollar bills arranged vertically overlapping each other and showing the 100 at the bottom, posing the question, How Are Personal Injury Settlements Paid Out?

If you have been awarded a settlement in a personal injury lawsuit, you may be asking, How are personal injury settlements paid out? Essentially, you have two payment options – a lump sum or payment over time. There are a number of considerations that go into this choice, so it is best to consult with…

A green cashier's type check positioned diagonally, with SETTLEMENT written on the check in all-caps, bold, red letters, posing the question, Are personal injury settlements taxable in PA and NJ?

How Are Personal Injury Settlements Taxable in PA and NJ? Tax season is here, and you might be wondering, Are personal injury settlements taxable in PA and NJ? The answer is both yes and no. Money that is received in a court settlement is usually considered income and is therefore taxable. However, personal injury settlements…