The frenzy of tax season is just around the corner, and if you are like millions of other Americans, you may be worried about how much money you are going to owe this year.
Most of it should be straight forward income that you have reported every year, plus the usual deductions. However, if you were involved in a personal injury lawsuit last year and won your case, should you report that income? There are rules regarding this type of money received. If you have any question, ask your Missouri personal injury attorney for advice.
Chris Hoffman is an excellent attorney. He is the best above the rest. What makes him different? He communicates promptly - I don't have to leave message after message for him to reach out to me. When I telephone his office, if he doesn't answer the telephone, his assistant does. Chris Hoffman is very attentive and focused. He means business, and he hit the ground running on the cases. I'm so blessed to have him for my attorney.
"Of all the lawyers I have met, this one is a true professional. This attorney goes against the biggest law firms and wins!"
Response from the owner:The compliment is much appreciated. Like every profession, it all starts with training our lawyers to be the best at every aspect of car accident cases. But the foundation of a great case is a great client. Thanks!
I'd say this lawyer is in the top three of the best you'll ever see. Add this attorney to the interview list if you ever get in an automobile accident. This Law Firm is on another level.
Response from the owner:Much appreciated. Techniques that an attorney or any professional uses are paramount for success. This is part of our lawyers training and preparation. It leads to success. Thank you!
People say this is the best car accident lawyer in St.Louis. Yep! Seeing this attorney in action is incredible.
Response from the owner:Great compliment. We work hard to be the best. Our lawyers also work very hard to help other lawyers in our profession. Not matter what, a cases is only as good as the client is. Thanks!
Response from the owner:Thanks! Referrals and recommendations from prior car accident clients is our #1 source of cases. People who grew to trust us send family and friends.
The Hoffman law firm is truly professional. After hiring them I was truly relieved and knew I was in good hands. Highly recommend!
Response from the owner:Being in good hands is important. Many lawyers take cases with little experience and little resources. Our firm specialized decades ago. We are focused exclusively on accident cases.
The lawyers on tv just dont compare for auto accident injury cases. Mr.Hoffmann is as good as they get.
Response from the owner:Thank you. The TV attorneys are just settlement mills. People are hiring a paralegal, not a lawyer. Our law firm is different. You are represented by an attorney and we do not have settlement quotas.
I would describe this lawyer as highly educated, sharp, and top of his game. Explains the car accident process and treatment options well. The lawyer said if they don’t pay you, we will have the jury take it from the insurance company. Great lawyer. Dynamic person.
Interviewed all the TV car accident lawyers and decided to call this law firm that had great reviews. So happy I did. What a difference!
Response from the owner:TV car accident lawyers are just mass production. This is not a good fit for litigated cases. Paralegals instead of lawyers. Monthly quotas for settlements. Car accident victims end up in a cattle call with the lawyers on TV.
Love my car accident lawyer. This law firm is a step above.
Response from the owner:Our lawyers train and track the best approaches on cases. Whether litigation in cases or the practicalities of certain treatment, the growth of our lawyers over time is paramount. Always staying ahead of and setting practice trends. Thank you.
Serious family member have a car accident injury? Look no further. This litigator is for real. Always two steps ahead of the other lawyer.
Response from the owner:This is a sad reality for car accident lawyers. The #1 passenger in an auto accident is a relative. Helping a family make it through this and putting the family back together is one of the most rewarding things I do as an automobile accident attorney.
This lawyer handles really big accident cases in St Louis. He is a lawyer, accountant and has his masters in tax so he gets the injury cases for individuals that can never go back to work or individuals own a business and cannot run it due to injury. He specializes in valuations of massive loss. Thank goodness a firm like this exists.
Response from the owner:Thank you. When accident are severe and you lose the ability to work or to continue a business, having an accounting and tax background is key. Valuing large losses are second nature for us.
Asked a trauma surgeon who operates on car accident victims who are the best injury lawyers that have taken his deposition. He said “by far” it was Mr Hoffmann. Interviewed several attorneys and this was a correct assessment. In a league of his own!
Response from the owner:Our attorney have deposed nearly all the trauma surgeons at every Level 1 Trauma Center in Saint Louis. These doctors save lives after a car accident. Whether controlling bleeding or reestablishing blood flow or bone structures, they are life savers.
Few lawyers in St. Louis can handle the biggest injury cases! This is one of them!
Response from the owner:Our law firm has made great efforts in terms of training to handle life changing injury cases. Whether in depth knowledge of the medical, loss of income and earning capacity, or lifetime medical care plans, our clients feel confident and know their case is in good hands. Thank you for the compliment.
Cannot say enough about this lawyer. Call if in an accident. This attorney handles the biggest car accidents in St Louis.
Response from the owner:Thanks Ash! Our biggest source of cases is our clients. Our second biggest referral source is defense lawyers telling their relatives to call us. Few lawyers can handle the largest cases. Our law firm welcomes and has trained for this. We don’t do mass production settlement like the lawyers on TV. Our clients can never go back to work. Their cases need massive focus and effort and often long fought litigation.
So glad I called attorney Hoffmann. This time I got it right! So glad I hired the Hoffmann Law Firm - professional, reliable and available.
Response from the owner:Thanks Taylor. Our lawyers answer the phone day, night, weekends and even during lunch. Being professional means training to beat the best defense lawyers. Client rely on us to get results and we do.
Great lawyer. Cares about his clients, knows his stuff and goes the extra mile. I recommend this lawyer for car wreck injury claim. Every other lawyer on TV would not even help with my property claim. This attorney did.
Response from the owner:Thank you for the kind words. Every case starts with a great client. You are correct the car accident lawyers on TV are mass production settlement mills. When injury clients fire them, we get their files and the cases are not worked up at all. Appreciate your confidence in us!
Compensation That is Tax Exempt
The IRS states that the only damages that are exempt from being taxed are those that are associated directly with your personal injury, which means only that which is medical related. Your financial debt from the injury must be clearly outlined. This includes all of the accrued medical bills, even those related to mental or emotional anguish you received from the accident. These will be looked at separate from the rest of the award when it comes time to report your income.
Claiming Medical Expenses as Deductions
It is also important to remember that you cannot claim any deductions for your medical expenses if you received compensation for them unless you decide to report that compensation as income. The IRS would look at that as you trying to benefit twice. Any award for punitive damages absolutely must be added to your tax form as income. Punitive damages are those awarded as a type of punishment for a defendant who was grossly negligent or showed a complete and total disregard for the safety of others. This happens often in drunk driving cases, or lawsuits, where a risk was well known and documented and yet the defendant, chose to ignore it.
Your Missouri personal injury attorney will be able to go over your award in-depth with you to ensure that you understand which amounts are exempt from being reported. If you are unfortunate enough to be injured this year, make sure you retain one to help you recover your compensation.
Injured At an IRS Office
Before you get upset about having to pay out all that money in taxes, know that at least one American taxpayer got his revenge against the IRS recently. While in the IRS office working out a deal to pay off his back taxes, a man tripped over a phone cord and injured his leg. It took seventeen days in a hospital to recover from the injury. He filed a $10 million lawsuit against the government agency, claiming that he was now wheelchair-bound and now suffers from a major loss of quality of life. Unfortunately for him, the IRS used surveillance to prove his claim was exaggerated. Since the IRS did concede that he was injured at their office, he was awarded $862,000 for his pain and suffering. Lucky for him he won’t be taxed on that.
If you have any questions about a previous award or need advice on a recent injury, call The Hoffmann Law Firm, L.L.C. at (314) 361-4242 for a free consultation.
