An on-the-job injury can be costly, taking time and money to overcome the injuries you suffered. Your Workers’ Comp benefits should cover most or all those expenses, making it easier for you to recover. You need as much of your benefits as possible, but what about your taxes?
No one wants to be caught off-guard when tax season arrives after a serious injury. That’s why it’s important to talk with the lawyers at Pathfinder Injury Law now, not later, if you’re hurt in a work accident. They can help you get the benefits you need following a serious work-related injury.
Typically, you don’t have to worry about your Workers’ Comp benefits being taxed. These benefits aren’t a form of income like your wages before the accident were. These benefits are repayment for a single work accident paid through an insurance policy. Because of that, you shouldn’t have to worry about including your workers comp benefits in your taxes.
In fact, your employer may be able to get a tax break for your Workers’ Compensation. Because of this, you shouldn’t have to worry about the impacts of your Workers’ Comp benefits on your taxes.
But that doesn’t mean other benefits and payments can’t be taxed. For example, if you’ve suffered an injury that leads to a lifelong disability, you may be eligible for Social Security Disability Benefits (SSDI). Unlike your Workers’ Comp benefits, your SSDI benefits are taxable.
That’s because SSDI benefits offer constant coverage for people with disabilities, rather than payments for a single work accident. You don’t have to be injured on the job to receive SSDI benefits. You just need a disability that impacts your ability to work.
Even without the threat of losing a large portion of your benefits to taxes, you may have some worries about getting the benefits you’re due. For example, your Workers’ Compensation may have been cut off before you were able to return completely to work.
When this happens, you may need a Workers’ Comp lawyer to guide you through the appeals process to get the funds you’re due after a work accident. Your lawyer can help take your claim to the Virginia Workers’ Compensation Commission, seeking out the benefits you need when you’re denied.
When you’ve suffered a work illness or injury, your Workers’ Comp benefits should cover the suffering you experienced completely. Giving up part of your benefits through taxes may put a strain on you and your family.
The lawyers at Pathfinder Injury Law are here to guide you through this difficult time. If you’re worried about maximizing the benefits you’re due and recovering from your injuries, reach out for help through a free consultation. Call 804-505-0633 or fill out the online contact form below to learn more.