Disclaimer: This article is for educational purposes and does not constitute legal advice. Always consult a qualified attorney for advice specific to your situation.
Detailed Answer
If you are self-employed in Oklahoma and sustained injuries in an accident, you may recover the income you lost while you could not work. Oklahoma law allows injured parties to claim both past and future lost earnings as damages in a personal injury claim. Follow these steps to document and pursue your lost self-employed income:
1. Calculate Your Pre-Accident Net Income
Gather documentation covering at least 12 months before the accident to establish your average monthly net earnings:
- Federal and state tax returns (Form 1040 Schedule C or partnership returns).
- Profit-and-loss statements.
- Bank statements showing deposits.
- Invoices, receipts, and payment records.
2. Document Post-Accident Income Loss
Track all attempts to earn income after the injury, even if limited. Use:
- Doctor’s notes and medical records confirming work restrictions.
- Logs of canceled jobs or clients lost.
- Emails or letters from clients confirming service delays or cancellations.
3. Engage an Expert to Quantify Loss
Under the Oklahoma Evidence Code, an expert may testify about lost future earnings. See 12 O.S. § 2702. Common experts include:
- Forensic accountants to calculate net profits.
- Vocational experts to assess future earning capacity.
4. Compile a Comprehensive Damages Demand
When presenting your claim to an insurer or in court, include:
- A detailed income comparison chart (pre- vs. post-accident).
- Expert reports and supporting schedules.
- Medical records showing duration of disability.
- Tax returns, business ledgers, and bank statements.
5. File Within Oklahoma’s Deadlines
You must file a personal injury lawsuit within two years of the accident under 12 O.S. § 95(A)(3). Missing this deadline usually bars your claim.
Helpful Hints
- Keep copies of all business records in digital and physical form.
- Maintain a daily work journal detailing tasks you could not perform.
- Request written statements from clients who lost business.
- Consult an accountant early to organize your finances for potential experts.
- Review your insurance policy’s deadlines for notice of claim.