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Are Lawsuit Settlements Taxable?

Published on Oct 21, 2022 at 8:36 pm in Personal Injury.

Are Lawsuit Settlements Taxable?

If you’ve received or will receive money from a lawsuit, you’re probably wondering if that money is taxable or not. The answer to that question is that it depends. Parties may file lawsuits and win settlements under a variety of circumstances. The situation that results in you being awarded a settlement will dictate whether you’ll have to pay taxes on it.

According to the Internal Revenue Service (IRS), lawsuit settlements are generally considered as income with one exception, which is when personal injury lawsuit settlements are involved. Below we’ll highlight some examples of personal injury legal matters that may warrant you filing a personal injury lawsuit before addressing rare circumstances in which you might have to pay taxes on the settlement you receive. Just know that the best way to know if your lawsuit settlement is taxable is by speaking with a certified public accountant (CPA), especially if the settlement sum is substantial.

What Are Your Legal Options After a Firework Injury?

Published on Jul 22, 2022 at 5:43 pm in Personal Injury.

What Are Your Legal Options After a Firework Injury?

Last summer in July 2021, two Pennsylvania children, ages six and eight, were involved in a fire caused by improperly discarded fireworks in York County. One child was killed, and the other suffered severe burn injuries. This was, unfortunately, not an isolated incident. It’s estimated that close to 10,000 firework injuries occur each year across the country.

Even worse, this number seems to be rising. It was reported that the number of firework-related deaths and injuries rose 50% from 2019 to 2020. The majority of these incidents occurred in July, close to the July 4th holiday. The cancellation of many public fireworks displays for reasons related to COVID-19 was cited as a factor contributing to the rise in home firework accidents.

The Burden of Proof and How it Affects a Personal Injury Claim

Published on Dec 22, 2021 at 7:51 pm in Personal Injury.

person on laptop taking notes

In a personal injury case, the burden of proof is placed on the plaintiff. This means that you must be able to prove beyond the preponderance of the evidence that the defendant’s actions were the proximate cause of your injury. If you have hired legal counsel to represent your interests, your personal injury lawyer will generally be tasked with overcoming this burden on your behalf.

How Often are Punitive Damages Awarded in Pennsylvania?

Published on Nov 16, 2021 at 7:14 pm in Personal Injury.

How Often are Punitive Damages Awarded in Pennsylvania

When a person is harmed from an accident and someone is found to be negligent, that person has the option of filing a personal injury case. If the case is successful, the guilty party is forced to pay lost wages, medical expenses, and pain and suffering. However, when the responsible party acts in an extremely reckless manner or causes intentional harm, an innocent victim may be entitled to receive additional punitive damages.

Unfortunately, these types of damages are not awarded often. To pursue the option, it is best to consult with a qualified and experienced personal injury lawyer. At Shrager & Sachs, we are committed to helping Philadelphia residents and everyone in Pennsylvania get the legal representation they need to move forward with their lives.

Today, we’re looking at how often punitive damages are typically awarded in Pennsylvania when filing a personal injury claim.

What is the Process of Filing a Personal Injury Lawsuit in Philadelphia?

Published on Oct 12, 2020 at 6:28 pm in Personal Injury.

If you’ve been injured in a car accident, on someone’s property, or by a doctor, you may be dealing with medical bills, lost wages from time off of work, and pain and suffering. While dealing with the consequences of an accident isn’t easy, it’s important to know you’re not alone. When negligence plays a role in an incident that resulted in injury, the victim has the right to pursue legal action against the at-fault party.

What Season Do Most Accidents Caused by Negligence Happen?

Published on Aug 21, 2020 at 12:42 pm in Personal Injury.

Foggy road

Negligence causes most accidents. When a person doesn’t practice the basic amount of care that they are expected to, or if they fail to act when there is a duty to do so, then they could be considered negligent. When that negligence leads to an accident and a subsequent injury to another person, then a personal injury claim could be filed against the negligent party. Any kind of accident can be caused by negligence, but the most common types are car collisions and slip and falls.

What Factors Affect the Payout of a Personal Injury Claim?

Published on Aug 14, 2020 at 7:19 pm in Personal Injury.

Person taking notes

Whether you’ve been in a car accident, have fallen on someone’s property, or have been injured by a defective product, you have the right to take legal action against the negligent party that caused your losses. While there is a path to follow when filing a personal injury claim, there are a number of factors that have the potential to affect the payout you receive. In order to ensure you receive the maximum amount of financial compensation for your losses, you need to understand those factors and how to build a strong claim.

How Do I Know What My Injury Case is Worth?

Published on Apr 30, 2020 at 7:30 pm in Personal Injury.

If you’ve been injured in an accident and are planning on pursuing a personal injury claim, it’s likely one of the first questions you’ll have is what your injury case is worth. While every situation is unique, there are specific factors to look at when valuing an injury claim. When you work with Shrager & Sachs, we’ll help you build a strong case and ensure you receive full and fair compensation for all your accident-related losses. Before we break down what you may be eligible for, let’s take a look at what the law considers to be damages.

Privacy Rights You Need to Be Aware of When Filing a Personal Injury Claim

Published on Aug 15, 2019 at 2:42 pm in Personal Injury.

Close up of person's hands as they sign a document

When you’re the plaintiff in a personal injury case, you might feel like you’ve been asked to provide a lot of personal information. The defense might have asked for information like your income, insurance policy, tax returns, driver’s license number, or social security number. Typically, you keep this information private because you feel it’s personal or because you want to protect yourself from identity theft. But in a personal injury case, do you have the luxury of privacy?

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