Business owners and independent contractors sometimes receive legal settlements to resolve disputes. While most settlement proceeds must be reported as taxable income, payments for physical injuries or physical sickness can be excluded under specific sections of the tax code. This exemption can significantly impact the amount of tax due. The tax consequences focus on the… Continue reading How to Identify Physical Injury from Vague Settlement Agreements
The post How to Identify Physical Injury from Vague Settlement Agreements appeared first on Dallas Tax Attorneys | Mitchell Tax Law.