• January 17, 2022
  • Blog
Personal Injury Settlements

If you receive compensation from a personal injury settlements or lawsuit, you probably have questions about the tax liability of the money you received. Whether you must state the settlement proceeds as taxable income will depend on the specific circumstances and facts of your case.  Generally speaking, yes, your personal injury settlement may be taxed…

Personal Injury Settlements

The majority of the work is completed once you resolve a personal injury case. You should receive a fair settlement amount from an insurance company, but you must not forget about possible taxes related to your personal injury settlement. It is important for you to speak with an attorney about the possible tax liability you may…

  • September 07, 2021
  • Blog
A white piece of paper is a form with ACCEPTED stamped on it in red while a gold-tipped pen is signing in blue ink, positing the question, Should I accept a personal injury offer in Philadelphia?

If you sustained serious injuries in an accident due to someone else’s negligent or reckless actions, and try to deal with the personal injury claim on your own, expect to deal with the liable party’s insurance provider. Should I accept a personal injury settlement is a question to ask yourself after you know how insurance…

  • August 17, 2021
  • Blog
A graphic of transparent circles with images of graphs, dollar signs, etc. and one larger main circular graphic with a white icon of a Greek temple that says IRS in the middle. In the bluish grey background is a photo of a business man and woman, with the man seeming to touch the circles in the foreground, posing the question, Can the IRS take my personal injury settlement.

If you have back taxes, yes—the IRS MIGHT take a portion of your personal injury settlement. If the IRS already has a lien on your personal property, it could potentially take your settlement as payment for your unpaid taxes behind that federal tax lien if you deposit the compensation into your bank account. Likewise, even…

  • July 22, 2021
  • Blog
A man in a dark suit, white shirt, and striped grey tie hands money to a pair of receiving hands, posing the question, What is the average payout for a personal injury claim?

Figuring out how much money fairly represents your damages or losses following an accident could be immensely tough. There is no special formula you can use to calculate the right amount because every personal injury claim is different. This means that there’s really no answer to the question, What is the average payout for a…

  • June 22, 2021
  • Blog
A light grained wood desk with a magnifying glass, pens, a stamp, binder clips, a dark wood and gold block and gavel, and a brown piece of paper with the word SETTLEMENT written in red, capital letters. The scene poses the question, What is the average settlement for a personal injury case in Philadelphia?

If you are planning to file a personal injury claim after you’ve sustained serious injuries due to another party’s negligent actions, you’re probably thinking about how much your settlement is worth. Pursuing compensation for your injuries is mainly about justice, but it’s likewise about the money you can use for your losses. There’s generally no…

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…