With the deadline for filing your 2020 federal income taxes fast approaching, you may be wondering if your car accident settlement is taxable. While the purpose of your compensation was to cover the damages you suffered physically, emotionally, and financially, typically, taxes are not owed. The Internal Revenue Service (IRS) treats these payments as exempt since they are neither wages nor salary. But, like anything in government, there are exceptions.
When someone causes an accident, knowingly or unknowingly, that causes others on the road to cause an accident, they are what is known as a phantom driver. Also referred to as no-contact accidents, these types of motor vehicle collisions typically involve the phantom driver continuing driving (miss-and-skip). These situations can be unfortunate because often there is no contact information or evidence left behind linking the liable driver to the crash.
After sustaining serious injuries in a car accident, your entire world could be turned upside down. It is not uncommon to spend a significant amount of time recovering emotionally, physically and financially after such an experience.
Trauma to the brain, whether from hitting your head on the steering wheel when an airbag fails to deploy or by a side impact causing your body to slam against the side of your interior, can bring long-term health impacts that you may never fully recover. When these injuries occur because of another driver being reckless or negligent on the road, you have the right to compensation for the harm they caused you or your loved one suffering from a traumatic brain injury (TBI).
One experience many Ohio drivers are familiar with is an angry motorist cutting them off or blaring their horn in frustration when commuting to or from work. These incidents are unfortunate and just mild examples of a growing road rage problem across the United States. A recent report by AAA Foundation for Traffic Safety highlighted this when it found that 80% of drivers have committed at least one road rage incident in 2020.
Most people buy their car insurance policies based on the promise of superb customer service by a company that cares about the well-being of their customers. This is not remotely the case once one has survived a car accident and needs their damages compensated by their or the liable party’s carrier. Insurance companies are all about profit and go out of their way to protect their profits by avoiding claim payouts.
Currently, speeding is one of the primary factors in car accidents in Ohio and throughout the United States. Coupled with other contributing elements like distracted or drunken driving, collisions become even deadlier for drivers, passengers, and pedestrians.
An early year event that anyone, football fan or not, can get into is Super Bowl Sunday. Unfortunately, this time of year is also one of the more deadly days of the year for car accidents. If you plan to host or attend a Super Bowl Sunday event, you face many risks on the road. From drunk drivers to being overly exhausted after a late party night, you face a higher chance of a motor vehicle collision on this fun-filled day.
After suffering a car accident, you will likely be reeling with shock and overwhelmed with potential injury and damages. When this happens out of your home state, you face additional complications to your claims process for both car repairs and injury compensation. One of the biggest questions is where to file your claim if out of town after a collision.
Social media has become such an ingrained part of our daily lives and society that sharing with family, friends, and coworkers our experiences in life seems almost second-nature.
