Around this time of year, accident victims have a good reason to wonder about the taxability of lost wages, along with any settlements they have been given for the recovery of injuries, damages, medical expenses, and the loss of earning potential. Here are some answers that might help.
More often than not, when you think of damages, especially in terms of an accident, you’re thinking about the dents, the scratches, and the physical toll your vehicle or body has taken after being hit. But in legal terms, the word “damages” simply refers to the monetary reward given to an offended party, either through settlement or through the decision of a court.
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