If your settlement reimburses you for medical bills related to the accident, that money is typically not taxable. The IRS views it as reimbursement for expenses, not income. Exception: If you previously deducted those medical expenses on your taxes, you may need to pay back that deduction.

After a car accident, time starts ticking — and not just for your health or car repairs. Every insurance policy comes with deadlines, and missing them could cost you your entire claim. The problem is, most people don’t know exactly how long they have to file. Some wait too long, thinking they’re fine, while others rush without the right documentation. Here’s what you need to know about insurance claim deadlines.