Disclaimer: This article is for educational purposes only and does not constitute legal advice.
Detailed Answer
1. Documenting Your Lost Self-Employed Income
After an accident, begin gathering financial records that prove your earnings before the incident. Key documents include:
- Tax returns for the last two to three years, showing net business income.
- Profit and loss statements or ledgers that track revenues and expenses.
- Invoices, receipts, 1099s or bank statements reflecting client payments.
- Contracts or project agreements that outline expected future income.
Compile these records in a dedicated folder or secure digital file. Include contemporaneous notes on days you missed work and the reasons why.
2. Calculating Your Lost Earnings
Work with an accountant or certified financial professional to determine your average earnings. Compare your pre-accident net income to your actual income after the accident. This calculation often involves:
- Annualizing your monthly income based on prior years.
- Adjusting for reasonable business growth or decline.
- Subtracting any income you earned through alternative work or temporary projects.
Document each step of the calculation, as courts and insurers will require clear proof of the methodology and assumptions.
3. Understanding Wyoming’s Filing Deadline
In Wyoming, most personal injury claims—including those seeking lost income—must be filed within four years of the accident. See Wyo. Stat. § 1-3-107. Missing this deadline generally bars recovery.
4. Presenting Your Claim to Insurers or in Court
Whether you negotiate a settlement or file a lawsuit, include a detailed “special damages” section showing:
- Daily or weekly income lost.
- Total projected lost earnings through full recovery or project completion.
- Supporting exhibits: tax returns, ledgers, expert reports.
Attach medical records documenting your injury and a physician’s notes on how your condition restricted your work capacity.
Helpful Hints
- Start documentation immediately after the accident to avoid gaps in proof.
- Keep digital backups of all financial and medical records.
- Maintain a daily journal of symptoms and work restrictions.
- Save correspondence with clients or contractors about delays or cancellations.
- Consult a CPA or forensic accountant for precise income calculations.
- Meet all deadlines: Statute of limitations and any insurer notice requirements.
- Consider informal mediation before filing suit to control costs.
- Discuss your case with a qualified personal injury attorney in Wyoming to tailor your strategy.