For legal help and a complimentary consultation with Wayne Cohen, please visit his main site at CohenAndCohen.net
Wayne Cohen, lawyer/attorney, of Cohen & Cohen, P.C. knows that the question are lost wages taxable always arises. When a victim of a negligence case prevails in a settlement or in a trial, sometimes that victim is awarded compensation for wages that were lost. If the person had been working and received the money, then certainly that income would be taxable. However, if the award is made as a result of an injury, the law generally provides that money for lost wages is not taxable. Of course, you should check with your accountant and legal advisors to determine what the law is in your state.
Wayne Cohen, lawyer/attorney, of Cohen & Cohen, P.C. knows that the question are lost wages taxable always arises. When a victim of a negligence case prevails in a settlement or in a trial, sometimes that victim is awarded compensation for wages that were lost. If the person had been working and received the money, then certainly that income would be taxable. However, if the award is made as a result of an injury, the law generally provides that money for lost wages is not taxable. Of course, you should check with your accountant and legal advisors to determine what the law is in your state.
If you are in need of a personal injury lawyer in Washington DC, Maryland, or Virginia, you should call our office for a free consultation today. The law firm of Cohen and Cohen has been called one of the best personal injury law firms in Washington DC, Maryland, and Virginia. The law firm’s managing partner, Wayne Cohen, handles all different types of personal injury cases, including car accidents, medical mistakes, and product defects.
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