If you have been injured in car accident, motorcycle accident, slip and fall accident, or other type of accident, contact us today. The object of tort law is to, so far as possible with money, place the injured party in the position he would have been if no tort had been committed. As rule of thumb, any monetary damages recovered via personal injury settlement are not subject to state or federal taxation. For example, if you deducted the cost of medical expenses from your taxes the previous year, you must include that deducted portion of the proceeds as taxable income.
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