After winning a lawsuit or getting a settlement, many people are surprised that they have to pay taxes on what they win. Some people don't realize this until they receive Form...
Posted by Pat Raskob on 12/27/2022
Dealing with a health crisis can be very challenging as it takes a toll on not just your physical but your mental health, and it can be costly. Regarding taxes, medical expenses are...
Getting paid for goods and service means one will pay income taxes on the value received. This is valid for every form of earning, alongside any interest coming from the investment....
When two parties agree on something concerning a case, they settle. In this case, the defendant will pay an agreed sum of money to the plaintiff. The plaintiff, in many cases, could...
Leaving the winning side of a lawsuit as a plaintiff can be a rewarding feeling, especially if it's a financial deal. There will likely be a sense of relief and demand. Unfortunately,...
Posted by Elliot Kravitz, ATP on 04/20/2020
Paying taxes for plaintiffs win or lawsuit settlements can be a little surprising for some people. Reality hits when tax season comes and the IRS Forms 1099 arrives in the mail. This...
As you probably know, most of your income is taxable. If you earn a salary, an hourly wage, tips, commissions, renting a property you entrust or dividends and interest on your investments,...
Posted by Advanced Accounting & Tax Planning on 08/02/2019
As you are probably aware, the large proportion of your income is taxable. Whether earned through a salary, hourly wages, tips, commissions, rent from a property that you lease or...
Posted by Elliot Kravitz, ATP on 07/25/2019