Loss of Income - Self-Employed
Estimating losses of self-employed plaintiffs requires a thorough understanding of their business, because there’s so much information you simply can’t get from a financial statement or an income tax return. For example, self-employed individuals have considerable influence over the income they report to CRA because they may have personal expenses buried in, and unreported cash income they’ve omitted from their income statements. Business owners always try and minimize the income they report to CRA, so the documents we would normally rely on to determine income loss - financial statements and income tax returns - may not accurately represent the income they are actually earning.
Moreover, a business doesn’t operate in a vacuum; its revenues and expenses aren’t always the same year after year. Over time, earnings will tend to rise and fall as they navigate a changing economy, conditions within their own industries, and capitalize on the opportunities placed before them.
Do you have a self-employed client who’s suffered traumatic injuries as a result of a motor vehicle accident? Did they have cash income, a business they were just starting to get off the ground, or are you just unsure of how to prove their claim for loss of income?
The experts at Krofchick Valuations have prepared thousands of expert reports quantifying the economic damages in personal injury matters such as motor vehicle collisions, slip and falls, medical malpractice, toxic torts, sexual assaults, and criminal damage claims etc. We assist our clients with the complicated financial aspects of their damages claims. We tackle the difficult cases with ease and efficiency.
We pride ourselves on our ability to deliver the highest quality expert reports in a timely, efficient, and cost effective manner. And of course, should your case proceed to trial our qualified staff will provide you with expert testimony.
Put our years of experience to work for you.
For more information on how the experts at Krofchick Valuations can help with your case, please Contact Us. Our staff would be pleased to review any matter with you.