Are you a business owner or independent contractor who was involved in a car accident? Victims of auto accidents who are self-employed often wonder if they are entitled to compensation for lost wages. The short answer is, yes. The more difficult step is calculating and proving the amount of loss.
The first and most common method of proving earnings from self-employment is providing tax returns from previous years. However, given that past years are not necessarily indicative of current income, you will have to gather some more documents in order to strengthen your claim for lost wages. These might include, letter from clients, letters from partners, invoice receipts, upcoming contracts, and profit and loss statements, backed by bank deposits, etc.
The better records that you tend to keep, the easier it will be to effectively address your claim for loss of earnings. Your accountant will be a good source in this regard. For newly established businesses without a long term history of earnings, you can provide earnings from a similar business that you worked for in the past, future orders/contracts, and calendar of appointments, etc.
A skilled attorney can help you collect, organize, and skillfully present the necessary documentation that will enable you to recover all the lost wages that you are entitled to receive.