What they don’t tell you is your settlement is ALL TAXABLE (with few exceptions) – 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 here’s the kicker: YOU OWE TAXES ON THE FULL AMOUNT THAT YOU RECEIVE, INCLUDING ANY ATTORNEY FEES. That’s right – even if you don’t take the money home it’s still part of your award and subject to taxes. AND IF THE OPPOSING SIDE HAS TO TO PAY YOUR ATTORNEY’S FEE, THAT FEE IS TAXABLE INCOME TOO. So work closely with your financal advisor…
SHIVA over 1 year ago
Whatever happened to 33% of the judgement??!!
snsurone76 over 1 year ago
Nerwin has been watching those bottom-feeding lawyer commercials on TV.
William Bednar Premium Member over 1 year ago
All right, Nerwin!
raptor over 1 year ago
The TAX man cometh…
What they don’t tell you is your settlement is ALL TAXABLE (with few exceptions) – 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 here’s the kicker: YOU OWE TAXES ON THE FULL AMOUNT THAT YOU RECEIVE, INCLUDING ANY ATTORNEY FEES. That’s right – even if you don’t take the money home it’s still part of your award and subject to taxes. AND IF THE OPPOSING SIDE HAS TO TO PAY YOUR ATTORNEY’S FEE, THAT FEE IS TAXABLE INCOME TOO. So work closely with your financal advisor…
Zebrastripes over 1 year ago
The worse ads on the boob-tube are drugs, Lume, and the ambulance chasing lawyers….☹️☹️☹️
WilliamMedlock over 1 year ago
That’s a little bit too true to life.
cuzinron47 over 1 year ago
He be a troll named sue.
karmakat01 over 1 year ago
talk about “reasoning”…he spends too much time with Broomie.
yip yip yip over 1 year ago
Nerwin is cheap! Yip yip yip yip yip
awgiedawgie Premium Member over 1 year ago
Seems as good a reason as any nowadays.
Sisyphos over 1 year ago
Ah, beware, Nerwin! Have you ever heard the saying about the Root of All Evil?