Serious car accidents can cause many types of economic loss including general and special damages for pain and suffering, lost wages, and loss of use of your vehicle. Loss of wages is one of the most common claims that attorneys file on behalf of their clients because, after a serious accident, people cannot attend work and need to be compensated for the earnings that they otherwise would have had. If you lost money because of another person’s negligence, a Tacoma personal injury lawyer can be a valuable asset to help you recoup the losses you suffered.
Factors to Consider After Lost Wages
Lost earnings can take many different forms, including: loss of salary or benefits, reduced vacation or sick time, or even permanent income loss if you were terminated or fired. These difficulties can be compounded if you are self-employed or work as an independent contractor because of the difficulty in proving your wages. We may be able to look at past earnings and tax returns to calculate your damages, and in some cases we hire economic experts to calculate your losses. Any of these scenarios are unfortunate, and the Tacoma personal injury lawyers at Greene & Lloyd, PLLC can ensure that you receive the compensation that you deserve.
Do I Have to Pay Taxes on a Loss of Earnings Recovery?
Yes, you are obligated to pay taxes on payments you receive for your lost earnings. You would have paid taxes on the money if you had earned it while working and thus, you must pay taxes on the portion of your settlement that is based on loss of wages.
What If My Injuries Cause Me to Be Partially or Fully Disabled?
Just as you can receive money for past lost wages, you may be eligible to recover damages for future losses as well. We may have to hire experts to calculate what your earnings would have been over a short period of time or the rest of your life. Whether you are completely unable to work or you return to work subject to restrictions and/or reduced pay or benefits, our Tacoma personal injury lawyers will evaluate every possible avenue of recovery.
Contact Tacoma Personal Injury Lawyers
Regardless of whether you lost a few days of work or are disabled as a result of the accident, loss of earnings can be difficult to value and prove. You will need an experienced team dealing with the insurance companies and fighting for your rights. At Greene & Lloyd, PLLC our team of Tacoma personal injury lawyers have years of experience dealing with serious auto accident claims and we are happy to provide a consultation. Call us today at (253) 770-0808 to discuss your claim.