Tax time is creeping up on us again. Once January 1 hits, the countdown starts for April 15th, and if you received any workers’ compensation benefits in 2014, you may be wondering if you have to pay taxes on that income.
The short answer is no, workers’ compensation benefits are not taxable. According to the IRS, Publication 907 states “The following payments are not taxable … Workers’ compensation for an occupational sickness or injury if paid under a workers’ compensation act or similar law.”. However, if you received workers’ compensation benefits and have any questions about your own taxable income, consult an experienced tax preparation specialist in your area to avoid any liability for other income on your part.
If you have questions about workers’ compensation, have been injured on the job, or are worried about your current workers’ comp case, contact our experienced Tulsa area attorney today for a free consultation at 918-407-4523.
More information on workers’ compensation:
How Changes In The Oklahoma Workers’ Compensation Laws Affect You: Injuries No Longer Covered
How Changes In The Oklahoma Workers’ Compensation Laws Affect You: Your Taxes And The Commission Members