Archive for #autoaccident #accidentclaim #personalinjury #attorneyclient

Taxes: Do You Pay on Your Personal Injury Settlement?

There is a saying that the only two things in life you cannot avoid are death and taxes. As a part of living in this country, you have a responsibility to pay your taxes; however, you should not pay any more in taxes than required by law. If you have been injured in a motor vehicle accident, you probably will rely on a personal injury lawyer to make sure your rights are defended. The purpose of your personal injury settlement has to cover the cost of your medical expenses, replace any property that may have been lost, and make you financially whole again. When your check hits the bank account, you may be wondering if you have to pay taxes on this money.

First, understand that if you have questions or concerns about taxes, you should reach out to a tax attorney or tax professional who can help you. At the same time, you probably will not have to pay taxes on the money you receive from your personal injury settlement. If your money is being used to cover medical bills, physical injuries, and property damage, then you should not have to pay taxes on it. On the other hand, if you are receiving money due to emotional damages, then you may have to pay taxes on that amount. Furthermore, if you are awarded money for punitive, then you may have to pay money on this as well.

Finally, if you receive money that is designed to replace income due to lost wages, then you probably will not have to pay taxes on this. It depends on how the settlement is worded, which is why you need to rely on the help of a personal injury professional. In the vast majority of car accidents, you will probably not receive money for emotional damages. Therefore, there is a low chance you will have to pay taxes on the settlement you receive. At the same time, you do need to work with a trained tax professional if you have specific questions or concerns about your settlement award. That way, you do not find yourself in the crosshairs of the IRS. Reach out to a trained tax adviser to learn more.

You Can’t Work After a Car Accident: What Should You Do?

A car accident can happen at just about any time. Even though you are a safe driver, not everyone on the road is. Even car accidents that seem minor can lead to significant injuries. As a result, you may not be able to work after a motor vehicle accident. In some cases, you may be out of work for several months. In other cases, you may not be able to go back to work ever. If that is the case, how are you going to be able to provide for yourself and your family? What should you do next?

Seek Medical Care First

The first thing you need to do is seek medical care. Your health has to come first. As a result, dial 911 after the accident. Ask for emergency medical personnel to come to the scene of the collision. Even if you feel okay, you should still go to the emergency room. You should also schedule an appointment with your primary care doctor if you are released from the emergency room. In some situations, symptoms may not show up for several days after the accident.

Ask for a Copy of the Police Report and Collect Records

You also need to ask for a copy of the police report. That way, you have evidence showing the accident was not your fault. You should also ask for a copy of your medical records. You may need these to demonstrate the severity of injuries.

Finally, once you have sought medical care and collected all records related to the accident, you should reach out to a trained personal injury attorney.

Work with a Trained Attorney

Even if you have health insurance, and even if the other driver has insurance, this may not be enough money to cover your property damage and medical expenses. Particularly if you are going to require long-term care, you may need assistance covering these costs. A trained personal injury attorney can take a look at your case, advocate for your rights, and make sure you are taken care of moving forward. Even though it may seem daunting, you do not have to go through this alone. There are always professionals who are willing to lend a helping hand to those in need.