And regarding the S-Corp - the whole seminar talks about how sole proprietors pay 15.3 FICA tax, but once you create the S-Corp, you don't pay the FICA tax.

If I were to claim everything I earn as additional income I would be paying more taxes come tax time.you are going to pay more taxes whether the income comes to you via an entity or you operate as a sole proprietor.

And for clarity sake, that new 20% self employment pass through deduction applies to sole proprietor income the same as LLC.

Chef Ben is the proprietor and we use his name/brand in promoting the cafe, Buttermilk's.

If you were to flip a house in an LLC as a sole proprietor, turn a profit, and had purchased a vehicle in the LLC claiming the 179 deduction would it offset your profits on the flip? 

@Erik Kubec if you are a sole-proprietor or single member LLC, you don't' need to pay yourself a salary, however if you are set up as a corporation you should take reasonable salary.

An LLC is taxed like sole proprietor anyways, so tax benefits are the same. 

Because you *are* subject to FICA taxes on self-employment income (either as a sole proprietor or as a salaried employee of a company you own).

If you hold the properties in a Canadian company, the company will pay taxes in Canada (at the top marginal tax rate since the income is deemed to be passive) and you can choose if and when you repatriate any retained earnings.Canada does not have LLCs, so your choices would be a sole proprietor (own the properties in your own name) or a corporation.3) Whether you own a Canadian company directly or as a 100% child entity of a U.S.A. company would be a matter decided by you and your accountant.

Are there any significant differences between a LLC taxed as a proprietor vs a LLC taxed as a S-corp?