When you are trying to recover from an injury, the last thing you probably want to focus on or even consider is that of taxes. If you are receiving money from the insurance company as a result of your accident, you might not have another choice but to think about whether you are going to be responsible for paying taxes on the payout you receive. Depending on the type of insurance policy you are dealing with and the type of settlement you are going to receive, some of the money received might be subject to taxes.
To find out more information about your payout, you can speak with a Gainesville personal injury attorney to discuss your case further. Steven A. Bagen Law Firm has offices in Gainesville and Ocala, Florida, serving all of the surrounding areas. Beyond being able to provide you with information about the settlement itself, your attorney will make sure that you receive everything you are entitled to receive and not shorted out of money due to the insurance company taking advantage of you. Recovering from an accident is difficult enough; you shouldn’t have to worry about whether you are going to be jilted by the insurance company along the way.