Lawsuit Settlement – The Burns Firm – Advisors of Complex Financial Matters

Awarded Money in a Lawsuit or Settlement? It’s Only Tax-Free in Certain Circumstances

March 28th, 2023|Categories: Accountant, Burns Firm, CPA Dallas, CPA near me, Dallas CPA, Law, Litigation, Services, Tax, Tax Advisor, Tax Planning, The Burns Firm|Tags: CPA Dallas, cpa near me, Is a Lawsuit Settlement Tax-Free, Lawsuit Settlement, tax, tax advisor, The Burns Firm, When Is a Lawsuit Settlement Tax-Free|

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal [...]