Income Loss For Self-Employed Workers Following a Collision
When you are injured in a New York car collision, it is possible you will have to take some time off in order to recover properly. Severe injuries may even lead to a person not being able to return to their prior work at all. Lost wages can be part of a damage recovery claim, even if an individual is self-employed. But, if you work for yourself, it is possible that negotiating with an insurance company could be more complex and require more income documentation.
Income documentation is different for self-employed individuals than it is for employees of a company. To be sure you are obtaining the correct information to strengthen your insurance claim, connect with a Long Island personal injury lawyer.
Freelancer Tax Documents and Financial Statements
A few examples of self-employed workers include independent contractors, freelancers, and sole proprietors. Unlike employees of an organization, self-employed workers manage themselves. This means they are in charge of when and where they complete work projects, they do not have a boss supervising them.
Because they are responsible for their own billing, accounts, and taxes, the documentation to prove income loss for a self-employed worker could include some of the following:
- 1099 forms and other tax records
- Tax returns from prior years
- Invoices, both pending and settled
- Future opportunity loss examples
- Client correspondence and letters
- Account statements from banks and other financial institutions
Because the work loss is connected to a car accident injury, it is also critical that you have your medical care records. It is possible you will already have these as it is common for medical fees to be part of personal injury settlement as well. But it is important that all expenses, from medical to prescriptions, can be connected to the injurious event in order to achieve the maximum settlement amount.
A Long Island Lawyer Can Evaluate Your Claim
When seeking New York wage loss, an experienced Long Island personal injury lawyer can help to determine if you have all the documentation you need and estimate how much your claim could be worth. Due to the added complexities of calculating income loss for a self-employed individual, it can be helpful to work with a seasoned professional.
Plus, future earnings could be taken into account which can lead to the need for further expert assessment. After all, if you are self-employed, it is not as clear as calculating your annual income into the future. Client relationships, pending project proposals, and lost of future projects will need to be analyzed.
Are you a self-employed New Yorker who is unable to earn an income due to accident injuries? You need a personal injury lawyer working for you to determine a path forward. Together, we can assess your expenses and develop a strategy to secure your best compensation option. With over 30 years of legal experience, our legal team represents clients throughout Long Island and the five boroughs of New York City. Don’t’ delay, contact Giuffré Law Offices at 516-802-9912 to discuss your case today.