Understanding How Settlements Affect Your Taxes
When you receive a settlement from a lawsuit, it’s natural to question how it will impact your taxes.
This article aims to clarify whether you must declare these settlement funds as taxable income. Whether or not you include the settlement in your income depends on a detailed review of the circumstances unique to your case.
Settlement payments are often complex, comprising different parts allocated by the involved parties. For example, a settlement might cover back pay, compensate for emotional distress, or address attorney fees. Generally, the IRS accepts these allocations if they accurately reflect the claims settled… Read more
Marietta Accident Attorney – Ramiro Rodriguez, Jr.
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