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Eric Steven Day

Eric Steven Day

Day & Associates
  • Tax Law, Estate Planning, Elder Law...
  • Nevada
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Summary

As an ex-IRS agent, I have developed over the years and in-depth knowledge of the IRS system and the processes that they use to conduct audits and collections of taxpayer accounts. With this knowledge I can provide expert representation to taxpayers throughout the nation by using their processes against them. With my help we can take care of anything that is consuming your mind and help put it to rest. Let me help you take care of your IRS issues and get you back to living life to the fullest. Call us at Day & Associates today!

Practice Areas
  • Tax Law
  • Estate Planning
  • Elder Law
  • Business Law
  • Personal Injury
Fees
  • Free Consultation
  • Credit Cards Accepted
  • Contingent Fees
    When representing individuals involved in an accident we accept a contingency fee based form of payment.
Jurisdictions Admitted to Practice
Nevada
US Tax Court
Languages
  • English: Spoken, Written
Professional Experience
Tax Attorney
Day & Nance
- Current
I am a tax attorney assisting clients with their disputes against the IRS. This involves both audits and IRS debt negotiations.
Attorney at Law
Day & Associates
- Current
We represent taxpayers in audits, tax appeals, tax court petitions, federal court and IRS debt negotiations. We have ex-IRS agents that know the process and are better qualified to provide expert representation.
Tax Attorney
Anderson Business Advisors
-
Intern/Office of Chief Counsel
Internal Revenue Service
Tax Compliance Officer
Internal Revenue Service
Education
Loyola Law School, Los Angeles
LL.M. (2014) | Taxation
-
University of Idaho
J.D. (2013) | Law
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University of Nevada-Las Vegas
B.S. (2006) | Finance
-
Professional Associations
Nevada State Bar
- Current
American Bar Association
- Current
Certifications
LL.M. - Master of Laws in Taxation
Loyola Law School, Los Angeles
Websites & Blogs
Website
Day & Associates
Legal Answers
34 Questions Answered

Q. My name is Sam and i have accumulated over $70,000 in student loan debt over the last 25 years.
A: Any time you have a debt that is forgiven, you will owe taxes on what is considered forgiveness of debt income. How much you will owe depends on the state where you live as well as what type of income you have on top of the cancellation of debt income.
Q. Do I need to claim a min $ expense for the child to add child as an additional qual child on child care tax credit form?
A: One of the main requirements for the taxpayer to take the credit is that you have qualifying dependent care expenses. Therefore, you cannot deduct what you didn’t spend money on.
Q. Required Minimum Distribution (RMD) of IRA?
A: Your required minimum distributions are determined on an annual basis. Therefore, if you took the distribution last year and are trying to include that distribution as part of your required minimum distribution for the following year, it won’t work. There is a different equation that is used when determining the RMD every year. That being said, you can withdraw the amount anytime throughout the year as long as it is the required amount.
Q. I am registering a LLC in Florida. I want to avoid maximum taxes. While registering for my EIN, which should I choose?
A: It somewhat depends. If you create an LLC that is a disregarded LLC with you as the single member, then you will have created a sole proprietorship. Whatever the net income is from the LLC you will be required to pay 15.3% in self-employment taxes above whatever your normal income tax rate is. In order to control that 15.3%, you can establish the LLC as an S Corporation and pay your self a "reasonable wage," which generally is about 30% of your total net income. However, the expense of operating another entity (ie. state corporate fees which are low in FL, and another tax return) may be more than the benefit of the self employment taxes you will save so you have to just do the numbers. I generally prefer to at least have an S Corporation if I make 50K or more in my business so that I can control what portion of the net income I have to pay 15.3% extra tax on by paying that reasonable wage. Under the new tax code, there is some benefit to a flow through entity and getting the 20% qualified business income deduction as well.
Q. How were medical deductions changed with the most recent tax laws?
A: Qualified medical expenses that are part of the deduction will remain the same under the new law. For 2018, you will be able to deduct expenses exceeding 7.5% of your AGI. Therefore, if your AGI is $100,000 you will be able to deduct all medical expenses that exceed $7,500. Anything under that amount will be non deductible. In 2019, that number will increase to 10%.
Q. Is the $10,000 limit for state and property tax deductions really the same for a single filer as for joint filers?
A: The deduction is limited to $10,000 regardless of married or single status
Q. If my friend gets in an accident while driving my car, can he sue me for his injuries?
A: He himself would be the proximate cause of his injuries and could not recover from you individually for his injuries sustained in an accident while driving your car. He could, however, still recover from the insurance company of the driver at fault or from your insurance company if they have underinsured limits. However, this would all depend on whether or not he was the individual at fault.
Q. Paid my acct $1500, owe $900 balance. He refuses to Efile until I pay him in full. Can I mail in without his signature
A: You can sign the return and send it in but you are still legally obligated to pay him for the services he provided.
Q. Can I live in a foreclosure house jointly bought by me and my checkbook self-directed IRA during renovation?
A: You cannot live in the house. Anything that you use IRA money to buy cannot be for the benefit of the IRA member. You can manage the LLC that you set up, but you cannot work on the house yourself nor live in it during renovation. That is a prohibited transaction and will cause the IRS to potentially shut down your IRA
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Contact & Map
Tax Attorney
1060 Wigwam Parkway
Henderson, NV 89074
USA
Toll-Free: (702) 710-8233
Telephone: (702) 710-8233
Cell: (702) 525-3858
Fax: (702) 309-1085