personal injury claim form on desk.

Tax Implications of Personal Injury Settlements

by Personal Injury Attorney

When it comes to personal injury settlements, it is important to understand the tax implications associated with them. Many individuals do not realize that when they receive a settlement from a personal injury lawsuit they can be responsible for taxes on that money. It is important to understand the tax implications of a personal injury settlement so that you can make the best decisions for yourself and your finances.

Taxable Awards

In general, most personal injury settlements are considered taxable income by the Internal Revenue Service (IRS). This means that you must report the settlement amount on your tax return and pay taxes on the money you receive. The only exceptions to this are if the settlement money is for medical expenses or punitive damages, which are not considered taxable income. In addition, any amount you receive for lost wages or other lost income is also taxable.

Calculating Your Taxable Amount

In order to calculate the amount of your settlement that is taxable, you must first subtract any medical expenses you incurred as a result of the injury from the total settlement amount. This will give you the amount that is taxable. For example, if you received a $50,000 settlement and had $10,000 in medical bills, the taxable amount would be $40,000.

Deductible Expenses

You may also be able to deduct certain expenses related to your personal injury settlement from your taxable income. This includes attorney’s fees, court costs, and any other expenses related to your lawsuit. The IRS allows you to deduct these expenses from your taxable income, so it is important to keep track of all of your expenses related to your personal injury settlement.

Reporting Your Settlement

When you receive a personal injury settlement, you must report it on your tax return. You can report the amount on Line 21 of your Form 1040. You should also include any deductible expenses you incurred related to the settlement on your tax return.

Tax Planning

It is important to plan ahead when it comes to taxes on a personal injury settlement. You may be able to reduce your taxable amount by having your attorney structure the settlement in such a way that more of the money is designated as compensation for medical expenses or lost wages. You should also make sure to keep track of all of your expenses related to the settlement so that you can take advantage of any deductions you are entitled to.

Learn More About Personal Injury Settlements

If you have any questions or concerns about the tax implications of a personal injury settlement, it is important to speak with a qualified attorney. At Kosto Injury Law in Boca Raton, we can answer any questions you have about the financial responsibility of a personal injury settlement and how it may affect your taxes. We can also provide you with the legal advice and representation you need to ensure that you receive the full amount of your settlement. Contact us today to learn more.

Bus and car accident

Navigating Bus Accident Claims with a Personal Injury Attorney

by Bus Accident Injury

Bus accidents can be devastating, leading to serious injuries and extensive property damage. If you’ve been involved in a bus accident, you may be entitled to compensation for your medical expenses, lost wages, and other damages. To get the maximum compensation possible, it is important to have an experienced personal injury attorney to help you navigate the complicated process of filing and settling a bus accident claim.

What to Look for in a Personal Injury Attorney

When you are looking for a personal injury attorney to help you with your bus accident claim, there are a few things you should consider. First, it is important to find an attorney who is experienced in handling bus accident cases. This means that the attorney has successfully represented clients in similar situations. Additionally, the attorney should be familiar with the laws and regulations pertaining to bus accidents in your state, as these can vary from state to state.

It is also important to find a personal injury attorney who is committed to providing personalized attention to your case. Bus accident claims can be complex and require a great deal of legal and investigative work. The attorney should be willing to take the time to thoroughly explore your case and develop a comprehensive legal strategy.

Understanding Bus Accident Liability

Bus accidents can be caused by various factors, including driver negligence, improper maintenance, and vehicle defects. The process of determining who is liable for the accident is complex and requires a thorough investigation. A personal injury attorney can help you understand the legal process and determine who is liable for your injuries and damages.

Filing a Bus Accident Claim

Once you have determined who is liable for the accident, you can file a claim with the appropriate insurance company. Your personal injury attorney can help you gather all the necessary documentation and evidence to support your claim. This includes police reports, medical reports, and witness statements. Your attorney can also negotiate with the insurance company to ensure that you receive a fair settlement.

Settling a Bus Accident Claim

Once all the evidence has been gathered and the claim has been filed, the insurance company will review it and make a settlement offer. Your personal injury attorney can review the offer and advise you on whether it is a fair amount. If the offer is not satisfactory, your attorney can negotiate with the insurance company to get a better settlement.

The Benefits of Hiring a Personal Injury Attorney

Hiring a personal injury attorney to help you with your bus accident claim can provide numerous benefits. An experienced attorney can ensure that your rights are protected and that you are treated fairly during the claims process. An attorney can also provide valuable legal advice and ensure that you receive a fair settlement.

Conclusion

A bus accident can have serious consequences and can be complicated to navigate. It is important to have an experienced personal injury attorney to help you understand the legal process and fight for the compensation that you deserve. An attorney can help you understand the laws and regulations regarding bus accidents in your state, file a claim, and negotiate with the insurance company to get a fair settlement.

Bus accident

Bus Accident Injuries and When to Contact a Personal Injury Attorney

by Bus Accident Injury

Bus accidents can cause serious and sometimes fatal injuries. When a bus accident occurs, it is important to understand the types of injuries that can occur and when to contact a personal injury attorney.

Types of Bus Accident Injuries

Bus accidents can cause a variety of injuries, depending on the factors involved in the accident. Common bus accident injuries include:

Head Injuries

Head injuries can range from mild concussions to traumatic brain injuries (TBIs). Head injuries can be caused by the impact of the accident, as well as by flying objects or passengers in the bus.

Neck and Spinal Injuries

Neck and spinal injuries can be caused by the force of the accident, as well as by flying objects or passengers in the bus. These injuries can range from whiplash to paralysis.

Broken Bones

Broken bones can occur as a result of the force of the accident or by flying objects or passengers in the bus. Broken bones can be especially serious if they are in the arms or legs, as they can require long-term rehabilitation and affect mobility.

Soft Tissue Injuries

Soft tissue injuries can be caused by the force of the accident or by flying objects or passengers in the bus. Soft tissue injuries can include sprains, strains, and contusions. These types of injuries can be painful and can take a long time to heal.

When to Contact a Personal Injury Attorney

If you or a loved one has been injured in a bus accident, it is important to contact a personal injury attorney as soon as possible. A personal injury attorney can help you understand your legal rights and options and can help you seek compensation for your injuries.

When you contact a personal injury attorney, it is important to provide as much information as possible about the bus accident. This includes details about the accident, the other drivers involved, and any potential witnesses. It is also important to provide information about your injuries, as well as any medical bills or other expenses related to the accident.

Conclusion

Bus accidents can cause a variety of serious and sometimes fatal injuries. It is important to be aware of the types of injuries that can occur and when to contact a personal injury attorney. A personal injury attorney can help you understand your legal rights and options and can help you seek compensation for your injuries.

Young male notary working in office

How to Choose the Right Brain Injury Attorney

by Blog

When you or a loved one has suffered a serious brain injury, it is important to find the right attorney to represent you and your case. Choosing the right brain injury attorney can make a huge difference when it comes to receiving the compensation you deserve. Brain injury cases can be complex and require the expertise of an experienced attorney. Here are some tips on how to choose the right brain injury attorney.

 

Get Advice on Choosing the Right Attorney

The best way to find a good brain injury attorney is to get advice from people you trust. Ask your friends and family if they know any attorneys with experience in brain injury cases. You can also seek advice from other lawyers, such as personal injury attorneys or medical malpractice attorneys. They may be able to point you in the direction of a good brain injury attorney.

Research the Attorney’s Credentials

Once you have a few potential candidates, it is important to research their credentials and experience. Check out their website to find out more about their background, practice areas, and successes. You should also look up reviews from past clients to get an idea of their performance. A good attorney should have experience in handling similar cases and a track record of successful outcomes.

Ask the Right Questions

When you meet with the attorney, it is important to ask the right questions. Make sure to ask about their experience in handling brain injury cases and their familiarity with the medical and legal aspects of these cases. Ask about their success rate and the strategies they use to prove liability and win cases. You should also inquire about their fees and if they are willing to work on a contingency basis.

Look for an Attorney Who Understands Your Needs

It is important to find an attorney who understands your needs and is willing to listen to your story. Brain injury cases require a high level of compassion and understanding. Look for an attorney who is empathetic and willing to put your needs first. Make sure to find an attorney who is experienced in handling brain injury cases, but also one who is willing to take the time to get to know you and your situation.

Look for an Attorney Who Is Assertive and Professional

Brain injury cases can be very complex and require an aggressive approach. Look for an attorney who is willing to fight for your rights and get you the compensation you deserve. The attorney should be professional and knowledgeable about all aspects of the case. They should also be able to provide you with legal advice and help you understand the process.

Schedule a Consultation

Once you have narrowed down your list of potential attorneys, it is important to schedule a consultation. During the consultation, you should discuss your case in detail and ask any questions you may have. This is a great opportunity to get to know the attorney and see if they are the right fit for you.

Get the Right Representation

When it comes to choosing the right brain injury attorney, it is important to do your research and find someone who is experienced in handling these types of cases. Make sure to get advice from people you trust and research the attorney’s credentials. Ask the right questions and look for an attorney who understands your needs and is willing to fight for your rights. With the right attorney on your side, you can get the compensation you deserve.

Rideshare driver looking at passenger in back seat

Uber and Lyft Accidents: How Can You Get Compensation for Your Injuries?

by Blog

Depending on the conditions surrounding your accident, It is completely feasible to recover compensation after Uber and Lyft accidents. In the end, a court or an insurance adjuster will decide whether you are entitled to compensation for your uber accident injury.

An investigation will show that the rideshare business, individual drivers, product makers, or a mix of these parties are liable. In any event, if another party is found to be primarily responsible for your mishap, you may be granted penalties to compensate for your losses.

Damages Recoverable

The compensation you might get can be used to handle various difficulties that have arisen because of your crash. These could be short-term issues, such as car harm, or long-term issues, such as lasting bodily disabilities.

Other kinds of recoverable losses are as follows:

  • Medical bills
  • Property damage
  • Loss of life quality
  • Rehabilitation programs
  • Disfigurement and scarring
  • Lost wages
  • Mental anguish
  • Reduced earning capacity

If you are worried about not receiving compensation for your uber accident injury, a personal injury attorney from our company can assist you. We can assist you in documenting your injuries and calculating the total worth of your case.

Sharing Responsibility for a Rideshare Accident

Some victims are concerned that they will not be eligible for compensation following a rideshare crash because they were careless at the time of the accident. This is not always the case.

Some individuals, for instance, fail to fasten seatbelts while traveling in an Uber for short distances. While this is unquestionably risky conduct, it does not immediately disqualify you from getting compensation.

Comparative Negligence

Florida uses a law notion known as “comparative negligence” to assess liability in civil suits. According to this, you can still get compensation for your injuries if you have under 50% of the blame for the crash.

Consider the following hypothetical accident:

  • Brake failure was accountable for 20% of the crash
  • The rideshare drivers over speeding was responsible for 70% of the collision
  • Your inability to fasten a seatbelt was responsible for 10% of the accident

In this scenario, you can hold the other culpable parties, the rideshare driver and the brake maker, liable for 90% of your losses.

What Does Comparative Negligence Mean for Your Compensation?

Remember that any proportion of liability that you bear will be reflected in your compensation. Prior to the conclusion of the case, the judge will lower your settlement in relation to your share of liability.

If you hire an accident injury attorney, they will be able to help you determine all the variables that contributed to your crash. They can then represent you in court to help you get a reasonable settlement.

Understanding the Statute of Limitations for Filing Rideshare Crash Claims

When bringing a claim against a ridesharing business, you must move within a certain timeframe. Your case for a rideshare case must be submitted within two years after the incident. The court may dismiss your case if you don’t meet this deadline. Along with other services, a personal injury attorney can help you stay on top of this deadline while you concentrate on more essential matters.

As many victims discover, Uber and Lyft accidents frequently involve a complicated set of rules that can make taking civil action against the parties responsible for the accident difficult. Therefore, find an accident injury attorney to assist you. Contact Kosto Injury Law to make the process as smooth as feasible for you and your dear ones.

Bus accident on snowy road

How To File a Bus Accident Injury Claim

by Blog

Suffering an injury in a bus accident is one of the worst situations you can endure in Florida. If you choose to file a personal injury claim, you might not know where to start. There are special considerations that apply when you’re a passenger in a bus that gets into an accident. A personal injury lawyer can help you.

No-fault Laws Apply

One of the main reasons why suffering a bus accident injury and filing a claim is complex is due to Florida’s no-fault laws. This means that regardless of who is at fault for the accident your claim must be filed with your own auto insurance company. As part of your policy, you should have personal injury protection (PIP) coverage to cover the costs of your medical bills in the event of an accident that results in injury.

The only exception to this rule is if the bus accident caused you to suffer severe injuries or a permanent disability. In that situation, you can file your personal injury claim directly against the bus driver or bus company.

Notify Your Insurance Company

The first step in your personal injury claim is to notify your insurance company of the bus accident. However, it’s important to stick to the bare facts and avoid saying too much; just explain the accident itself and the nature of your injuries. Insurance companies often try to minimize your injuries to pay as little a settlement as possible. In some situations, you might want to have your personal injury attorney speak directly with an insurance adjuster on your behalf.

Gather Evidence to Support Your Claim

All accident injury claims need as much evidence as possible. This includes photos and videos of the accident scene as well as damages and your injuries, your medical records and medical bills, witness statements, and your recollections of the events. If you were unable to capture your own photos and videos of the accident, your personal injury attorney might be able to obtain them from cameras around the area where the bus accident occurred.

Keeping a journal related to your bus accident injury can also help strengthen your claim. Mention how your injuries have affected you physically and mentally on a daily basis. You may want to keep copies of your medical records in your journal to strengthen your claim.

File Within the Statute of Limitations

All accident injury claims must be filed within the appropriate statute of limitations. In Florida, this period of time is four years from the date of your bus accident. This applies when your claim is filed directly against the bus driver or bus company. However, if you are going through your own PIP coverage, you must also seek medical attention within 14 days of filing a claim with your auto insurance provider.

Failing to file within the appropriate time in either situation means that you may forfeit your right to recover compensation for your bus accident injuries. Your personal injury lawyer can help you prepare your claim and ensure that you file in a timely manner.
If you have suffered injuries in a bus accident in Florida, time is of the essence. Contact Kosto Injury Law at your earliest convenience to discuss your case.

Woman holding neck after car accident

How To Win Your Personal Injury Case and Get the Right Compensation

by Blog

One of the most devastating situations you can find yourself in is suffering a personal injury due to someone else’s negligence. Whether this manifests in a car accident, slip-and-fall, product liability or any other type of accident, you have the right to hold the at-fault party liable. These tips can help your Florida personal injury claim be successful and get you the best compensation possible.

Document the Scene

Documenting the scene of your accident is crucial and gives you a slew of evidence to back up your personal injury lawsuit. Taking photos from all angles that show property damage, how the accident occurred and your physical injuries are always helpful. For example, if you were involved in a car accident, you would want to capture photos of your vehicle and any others, the road and skid marks, traffic and weather conditions and anything else that’s pertinent. There may even be a traffic or security camera that captured the accident as it occurred. Make sure to follow up and see if this indeed exists as it can serve as additional evidence.

Additionally, you should keep a journal and jot down notes of the events leading up to, during and immediately after the accident while everything is still fresh in your mind. Your personal injury attorney can use your account to your advantage in your case.

Get Witness Information

In many cases, there are witnesses to accidents. They can provide vital information to help strengthen your personal injury case. If there are any at the scene, get their names, contact information and statements. You can record them speaking or ask them to write down what they saw during the accident. If necessary, your personal injury lawyer can later contact witnesses to clarify their statements or ask them additional questions.

Seek Medical Attention

No matter how you feel immediately after a car accident, slip-and-fall or any other type of accident that was not your fault, you must seek medical attention. Some injuries remain hidden for a period of time, but then symptoms gradually appear. Medical attention gives you the chance to receive a diagnosis and treatment. It can also allow you to mitigate the severity of your injury.

Getting medical attention also gives you crucial evidence for your case in the form of your medical records and medical bills. Your personal injury attorney can better assess an appropriate compensation amount you should receive based on how much you have spent out of pocket on your medical expenses as well as your other damages such as lost wages, property damage and pain and suffering.

Avoid Talking to Insurance Adjusters

If your injury case requires you to go through an insurance company to recover damages, an adjuster might contact you and ask questions. They might even ask if they can record your statement. Don’t fall for this tactic; if someone from the insurance company wants to learn more about your case, your personal injury lawyer should be the one to speak with them.

With the right steps taken, your personal injury lawsuit can be successful and you can recover satisfactory compensation. If you were injured due to someone else’s negligence, contact Kosto Injury law at your earliest convenience to discuss your case.

Man holding injured arm

What Are the Steps Involved in a Personal Injury Lawsuit?

by Blog

If you’re considering filing a personal injury lawsuit, you should learn more about the procedure beforehand. Every personal accident case is different, but there are certain common litigation milestones you may anticipate meeting after you decide to bring a personal injury claim.

First Consultation

Your personal injury lawyer will meet with you at the initial appointment to examine the specifics of your personal accident case and answer any concerns you may have. After your initial session, your injury lawyer should give you an evaluation of your personal injury case and advise you on how to proceed depending on your individual requirements.

Investigation

Your personal injury attorney should investigate the details and circumstances surrounding your personal injury case. This investigation will frequently include the following:

• Documenting the crime scene

• Obtaining the accident reports

• Identifying all potential parties at blame and filing claims with their insurers

• Documenting medical bills and paperwork related to treatment for accident-related injuries

Treatment

While your personal injury lawyer is conducting the investigation and filing compensation claims, you should concentrate on recuperating from your injuries. To make a complete recovery and achieve maximal medical improvement, it is critical to adhere to your doctor’s advised course of therapy. 

While you are being treated, it is generally beneficial to keep a log of the hospitals and doctors you see, the out-of-pocket payments you spend, and the dates you were required to leave work to get treatment. This will ensure that your lawyer accounts for all potential damages and includes them in the Demand.

Demand Package

This explains the account of your personal accident case, including how the injuries happened, responsibility theory, and settlement demand. When your demand package is ready, your attorney will go through it with you to verify it is comprehensive. The demand is then forwarded to the insurance provider of the party to blame for your injuries, who will analyze it and determine the worth of your claim.

Negotiations

The insurance provider will usually respond with a settlement offer after reviewing the demand package. Your accident lawyer will tell you as soon as a settlement offer is made and will explore the many alternatives available to you based on their knowledge and experience dealing with hundreds of previous personal injury cases. However, you must eventually choose whether to take their offer, issue a counter-demand, or initiate a lawsuit.

Settlement

If your lawyer is able to reach a deal with the insurance company that fully and appropriately pays you for the injuries sustained, they will draft a settlement agreement explaining the details of the arrangement. Before signing the settlement deal, your lawyer should create a settlement memo detailing how the money will be distributed. While most personal accident cases may be successfully handled, a personal injury lawsuit may be necessary when insurance companies fail to recognize the full extent of your injuries.

Litigation

If negotiations with the at-fault party stall and your lawyer cannot come to a settlement agreement, the next step is normally to file a lawsuit, present your claim for injuries to a jury, and obtain a verdict against those responsible for your injuries.

Discussing your claim with a personal injury attorney might help you identify your legal alternatives. Your attorney will walk you through the claim process and inform you at every stage. Contact Kosto Injury Law to learn more about filing a personal accident claim.

Car crashed into back end of another car

A Step-by-Step Guide To File a Car Accident Lawsuit

by Blog

After a car accident, you need to contact the responsible party’s insurer to file a claim. While the process may go smoothly and quickly, you may also need to hire a personal injury attorney. Working with an attorney is the best option if the other driver does not have insurance or the insurer tries to settle for less than you want. A car accident lawyer will help you during each step in the process of filing a lawsuit.

Collect Evidence

Before you talk to an accident injury attorney, collect as much evidence as possible. Look for evidence that proves you were not responsible for the incident. If the police came to the scene, contact the department and ask for a copy of the police report they filed. This report should include statements from each witness who was at the scene. You may also find video footage of the accident. Gather evidence of the expenses you face as well. You need to show your attorney that you received hospital bills after the accident or that you lost wages as you were unable to work.

Talk to a Lawyer

Once you gather your evidence, talk to a car accident lawyer. Many lawyers offer free consultations that save you time and money. This allows you to talk to an expert and find out if you have a case. You can also find out if you need any other evidence and get an idea of how long the lawsuit will take. The lawyer will attempt to negotiate with the driver’s insurer on your behalf. They will often ask for a specific amount and then haggle with the insurance company to get as much money as possible. Only if they can’t reach an agreement will your personal injury attorney recommend that you file a lawsuit.

File the Lawsuit

When you file a lawsuit, your attorney will file in court and notify both the responsible driver and their insurer. This shows all parties that the lawsuit is moving forward. In some cases, the insurer will decide to negotiate to avoid court costs. The court will ask both sides to gather any evidence they plan to present during the trial. Both sides then have the chance to view that evidence. 

Most states have a cap on how much you can ask for in your lawsuit. You need to show proof of any money you lost as well as any money you paid out. Lost funds may include the time that you took off from work and any future earnings you’ll lose as a result of the accident. The money you paid out includes any funds you used to repair or replace your car as well as medical bills your insurance covered.

Get Help With an Accident Lawsuit

You need help when you file a car accident lawsuit. An accident injury attorney can help you work through each step in the process, which includes finding your evidence and filing in court. Contact Kosto Injury Law as soon as possible after a car accident.

Person with arm in cast

5 Situations Where You Need To Contact a Personal Injury Attorney

by Blog

Suffering a personal injury can be devastating and cause you great distress. If you were hurt due to the actions of someone else, you have a right to file a legal claim. These are five situations that warrant hiring a personal injury attorney.

Your Injuries Are Long-Term or Even Permanent

Long-term injuries make it necessary to hire a personal injury lawyer from Kosto Injury Law in South Florida. Whether or not your injuries are permanent means that you will have to go through extensive medical treatment and might need physical therapy or surgery and miss significant time off from work. Legal representation can help you hold the liable party responsible and ensure that you get the settlement you deserve.

Severe Injuries

In addition to the length of time of your injury, its severity can also impact your case. A personal injury lawyer will make it easier to handle such a complex situation. You might have medical bills amounting to the thousands or even tens of thousands of dollars range and need ongoing medical care costing even more money. A lawyer can help determine how much money your case is worth.

An Insurance Company Refuses to Pay

If an insurance company is responsible for reimbursing you for the accident that caused your injuries but refuses to pay, an attorney can help. Lawyers know how to deal with insurance companies to get the fairest amount possible for your personal injury lawsuit settlement. Where you might be given a lowball offer or refused one altogether, attorneys know the tactics used by insurers and won’t be swayed by them. Instead, they will fight to get you the best offer for your case.

They Are Objective

Personal injury attorneys are not only knowledgeable about how to handle your case, but they are also objective. This allows you to focus on recovering while they handle all the complex legwork of your case. Their objectivity can help your personal injury lawsuit because they can rationally negotiate on a settlement in your favor without making rash decisions. You can sit back and take care of your health without worrying about making the wrong decision.

Your Case Has to Go to Trial

Most personal injury claims reach a settlement. However, if one cannot be easily reached, your case has to go to trial and you need an attorney. A lawyer can expertly handle your case, which means you have a much better chance of the outcome being successful. This is often impossible if you represent yourself.

These are some of the best reasons to hire an attorney for your personal injury case. If you are in the South Florida area and need to contact a personal injury lawyer, contact Kosto Injury Law at your earliest convenience.