PIP Insurance

The authority for determining whether you must pay taxes on an insurance settlement is the Internal Revenue Service (IRS). According to the IRS, there is “an exclusion from taxable income with respect to lawsuits, settlements, and awards.” However, the IRS also notes that “not all amounts received from a settlement are exempt from taxes.” It …

Personal injury protection (PIP) coverage is a type of auto insurance coverage that many states require. If you were involved in an accident, you might be thankful that you carry PIP insurance because it can help pay for some of your accident-related damages.  If you have any questions about PIP coverage, especially if you were …