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What they donāt tell you is your settlement is ALL TAXABLE (with few exceptions) ā In most cases, punitive damages are taxable, as are back pay and interest on unpaid money. Damages you receive for emotional distress are also taxable (with few exceptions) as well. And hereās the kicker: YOU OWE TAXES ON THE FULL AMOUNT THAT YOU RECEIVE, INCLUDING ANY ATTORNEY FEES. Thatās right ā even if you donāt take the money home itās still part of your award and subject to taxes. AND IF THE OPPOSING SIDE HAS TO TO PAY YOUR ATTORNEYāS FEE, THAT FEE IS TAXABLE INCOME TOO. So work closely with your financal advisorā¦
SHIVA almost 2 years ago
Whatever happened to 33% of the judgement??!!
snsurone76 almost 2 years ago
Nerwin has been watching those bottom-feeding lawyer commercials on TV.
William Bednar Premium Member almost 2 years ago
All right, Nerwin!
raptor almost 2 years ago
The TAX man comethā¦
What they donāt tell you is your settlement is ALL TAXABLE (with few exceptions) ā In most cases, punitive damages are taxable, as are back pay and interest on unpaid money. Damages you receive for emotional distress are also taxable (with few exceptions) as well. And hereās the kicker: YOU OWE TAXES ON THE FULL AMOUNT THAT YOU RECEIVE, INCLUDING ANY ATTORNEY FEES. Thatās right ā even if you donāt take the money home itās still part of your award and subject to taxes. AND IF THE OPPOSING SIDE HAS TO TO PAY YOUR ATTORNEYāS FEE, THAT FEE IS TAXABLE INCOME TOO. So work closely with your financal advisorā¦
Zebrastripes almost 2 years ago
The worse ads on the boob-tube are drugs, Lume, and the ambulance chasing lawyersā¦.ā¹ļøā¹ļøā¹ļø
WilliamMedlock almost 2 years ago
Thatās a little bit too true to life.
cuzinron47 almost 2 years ago
He be a troll named sue.
karmakat01 almost 2 years ago
talk about āreasoningāā¦he spends too much time with Broomie.
yip yip yip almost 2 years ago
Nerwin is cheap! Yip yip yip yip yip
awgiedawgie Premium Member almost 2 years ago
Seems as good a reason as any nowadays.
Sisyphos almost 2 years ago
Ah, beware, Nerwin! Have you ever heard the saying about the Root of All Evil?