Coralville, Iowa Personal Injury Law Firm

After experiencing a personal injury, you should be aware of how the state will tax any compensation you receive to properly plan for your financial future. Firstly, understand that as a general rule-of-thumb, personal injury compensation is not taxed. This includes both settlements as well as attorney fees.

However, you must be aware of two exceptions. Punitive damages and injuries arising from a breach of contract are, in fact, taxable. For example, if you are awarded compensation for emotional stress or other forms of non-physical damage, your compensation can and will be taxed. Furthermore, you must also know that some cases account for interest on lost or diminished wages. In these situations, the government may claim taxes on the interest of your compensation. You need to keep these facts in mind as you plan for your financial future and account for these scenarios as you prepare your taxes.

Comprehensive Legal Services

We proudly help our clients receive compensation in the following areas:

  • Auto, Truck, and Motorcycle Accidents
  • Wrongful Death
  • Medical Malpractice
  • Slips and Falls
  • Workers’ Compensation
  • Products Liability
  • Business and Contractual Litigation
  • Lender Disputes
  • Agricultural Law
  • Estate Planning and Probate
  • Wrongful Termination of Employment
  • Civil Rights

Finding Legal Counsel near Coralville, Iowa

If you live near Coralville, Iowa and have recently suffered a personal injury, don’t hesitate to reach out to Tom Riley Law Firm. We have been protecting Iowa citizens since 1980, and we can help defend your rights. Call our office at (319) 363-4040 today to learn how we can help you.