Personal injury settlements could be taxable depending on the situation. And that’s where Bononi and Company can help our clients.
Along with being a law firm, we have full time accountants on staff to help guide our clients through this type of issue.
For instance, if you’re in a car accident and you receive a settlement and that settlement is attributed to pain and suffering, that is not taxable. Pain and Suffering is not a taxable event. But, if a portion of that settlement is for lost wages, then the lost wages can be taxable. If you had made those wages, you would have had to pay taxes on it.
There are CPA’s here at Bononi and Company that work with me on a daily basis, we’re able to address tax problems with our clients so that when they receive their settlements, they can get as much as possible.
If you have any questions about the topic discussed in this article, or any personal injury law matter, please give us a call at Bononi & Company 724-972-4180.