If these apply to you, please research more, reach out to me, or consult with your tax advisor.If this is helpful, I will share some tax strategies for Businesses and Real Estate Investments in the coming days- Ashish Acharya, MAcc, CPA, CFP®, PFSHiring Kids: If you have a kid under the age of 18 and you operate your business as a sole proprietor or as a spousal partnership, hiring your kid can have significant tax breaks:First, your business gets the payroll expense deductions to save taxes at the parents level who are in a higher tax bracket.Second, neither parent nor the child would pay payroll taxes (15.3%) on the child’s income.Third, with a traditional IRA, the child can avoid all federal income taxes (around 11%) on up to $18,400 in income.IRAs: First, get a deduction for contributing to a Traditional IRA that can be easily established with most of the financial institutions.          

I started an LLC for my wholesale business and later for when I acquire rentals, what federal tax election should I pick, a sole proprietor or corporation?

The employer (their business) can contribute on a profit sharing basis up to the plan maximum of $57K using a calculation of 20% of net business income in a pass through/sole proprietor situation or 25% of W-2 wages in a corporate situation.Speak with your CPA if you have a self-employment situation and wish to know how much you can contribute, as well as how much is actually beneficial to contribute. 

With all the doors you want and lending rates being so low, I'd recommend purchasing through an LLC for added protection and buying with commercial loans, just make sure you aren't a sole proprietor or there won't be adequate protection.

I spoke with a local accountant and was informed that HML is not considered "business of lending" as a sole proprietor. 

No tax return is required if you are a single member LLC filing as sole proprietor and do not transact business.

My husband and I each have a sole-proprietor consulting business and have recently combined the two consulting businesses into one S-corp LLC in 2019 (for tax purpose) and paying each of us $40K annum salary.

Schedule C if you a sole proprietor) & you do not have any w-2 employees working for your self-employed business or otherwise.2.

Most Sole Proprietor got $1k. 

Property loss, damage, injury, death, death of proprietor, liability etc..?