Book a 15-Minute Phone Call Have you ever wondered: “Do you pay taxes on lawsuit settlements?” This article will help...
Settlement Tax Planning
Do I Have to Pay Tax on Settlement Money? Top 10 Questions
Book a 15-Minute Phone Call Are you wondering if you’ll have to pay tax on settlement money? Are you afraid of being...
Are Settlements Taxable? A Comprehensive Overview for Plaintiffs
Book a 15-Minute Phone Call Are you receiving a settlement and wondering if you’ll have to pay taxes on it? Have...
How to Avoid Paying Taxes on Settlement Money: 5 Essential Tips
Book a 15-Minute Phone Call Are you wondering how to avoid paying taxes on settlement money? What if we told you...
Are Punitive Damages Taxable? Here’s What the IRS Says
Book a 15-Minute Phone Call If you’re involved in a lawsuit that may include punitive damages, you may be wondering, “Are punitive damages taxable?” This is a great question that many plaintiffs have when navigating legal settlements. In this article we’ll be breaking down: The tax rules around punitive damages Whether...
Do You Pay Taxes on Lawsuit Settlements? 5 Common Examples
Book a 15-Minute Phone Call Have you ever wondered: “Do you pay taxes on lawsuit settlements?” This article will help you answer that question. Settlement taxes can be confusing, and paying taxes on lawsuit settlements is a reality many plaintiffs face. In this article, we will walk through the tax implications of five common types of legal...
Do I Have to Pay Tax on Settlement Money? Top 10 Questions
Book a 15-Minute Phone Call Are you wondering if you’ll have to pay tax on settlement money? Are you afraid of being surprised by a huge tax bill on settlement money you thought was yours tax-free? If so, you’re not alone! Settling a lawsuit is complicated enough WITHOUT having to worry about complex tax rules on your recovery. Understanding...
Are Settlements Taxable? A Comprehensive Overview for Plaintiffs
Book a 15-Minute Phone Call Are you receiving a settlement and wondering if you’ll have to pay taxes on it? Have you wondered: “Are settlements taxable?” Ready to receive a settlement but worried about the tax hit? You’re in the right place! This article will review common questions plaintiffs have when navigating the...
How to Avoid Paying Taxes on Settlement Money: 5 Essential Tips
Book a 15-Minute Phone Call Are you wondering how to avoid paying taxes on settlement money? What if we told you there are legal ways to avoid handing over a massive chunk of your settlement to the IRS? This article will discuss five little-known tax tips to maximize the amount you keep after your legal settlement. These outlined...
How the Tax Cuts and Jobs Act Created the Plaintiff Double Tax Trap
The Tax Cuts and Jobs Act (TCJA) of 2017 had a significant impact on plaintiffs receiving taxable settlements. Prior to this change in the law, plaintiffs could list their attorney's fees as a deduction on their tax returns, avoiding paying tax on the attorney fee portion. However, the TCJA changed this. Now, individual plaintiffs cannot claim...
When a Legal Recovery is Considered Taxable to the Client
Introduction: As a plaintiff attorney, it is important to ensure that a client will get a fair amount out of their settlement award. Unfortunately, for taxable damages cases, clients have to pay taxes on the amount that they will receive and the attorney’s fee portion of the case. But there are tax planning strategies that can help clients...
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