Will My Compensation Be Taxable?
The answer to this question depends on the type of compensation you receive. Some forms of compensation are deemed taxable, such as the amount awarded for lost wages. Additionally, punitive awards, which are given to punish the party at fault, are typically taxed. On the other hand, there are several types of financial compensation that are not taxed. Generally, the non-taxable types include compensation for property damage, pain and suffering, medical expenses, and loss of life.
Whatever kind of compensation you are seeking after an accident, a dedicated Wisconsin auto accident attorney from Habush Habush & Rottier S.C. will fight to help you receive every penny you deserve. Contact our offices today at 800-242-2874 to discuss your case with us.