How do I recover for lost income from being self employed in a personal injury claim?
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I was seriously injured about 7 months ago in a Car Accident. My spine and legs were damages and I was unable to keep up with a self employed business I run. I ended up having to hire someone to do my work and as a result I'm losing a lot of money I could have otherwise earned. Is there anyway to recover for self employed lost income?
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You are certainly able to recover from lost income in personal injury claims, even if you are Self Employed. Typically, they would look at your self employed earning history by seeing your recent income tax returns. The compensation for lost income would be determined by that amount. Also, medical proof must be submitted showing that you were unable to perform the nature of your work due to your injuries. However, self employed businesses can be tricky and considering the fact you had to hire someone is another expense that you would want to be reimbursed for, since you could have done the work for yourself. You would also have to be able to prove this expense.
For newly self employed injury victims, since there are no prior tax returns to show your income history, the compensation will be fairly small but it will still exist.
Your best bet is to consult with a skilled Personal Injury Attorney regarding this matter as they will be able to help litigate and advocate a fair settlement amount from your lost income. Everything must be proven within the legal system in place, so an attorney would be able to get around the complexities and fight for a fair compensation.
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Posted by Staff Writer on 21 Jan 2010
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