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Posted By DAM Firm | April 12 2019 | Taxes on Workers Comp

How Does My Workers’ Compensation Settlement Affect My Tax Return?

Workers’ compensation benefits exist to provide relief to workers who suffer injuries in the workplace. Workers’ compensation can potentially help pay for immediate medical expenses and offset the economic impact of missing wages, but workers’ compensation may not fully cover the cost of a workplace injury. Some injured workers may wonder whether workers’ compensation benefits…

Posted By DAM Firm | June 18 2018 | Taxes on Workers Comp

Do You Need Workers’ Compensation Insurance in California?

A workers’ compensation insurance policy is a type of liability insurance where employers assume liability for potential worker injuries on or caused by the job, which their insurer pays. Workers’ compensation can help cover costs of work-related injuries and illnesses. California state law requires employers to have a workers’ compensation policy, and failure to do…

Posted By DAM Firm | April 10 2015 | Taxes on Workers Comp

Do I Pay Taxes on Workers’ Compensation?

Filing a claim for insurance often brings up questions about taxes and personal responsibility for benefits. Luckily, workers’ compensation is an employee benefit not normally considered part of your taxable income. If you received benefits under a California workers’ compensation act or a federal policy for an illness or injury incurred on the job or…

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