(Sorry if there are posts about this elsewhere; I tried to search the forums, but the phrase "S Corp" can't be used as all words entered must be at least 2 letters long!) I am currently self-employed in the performing arts education field, receiving 1099s from primarily 2 employers. A friend recently suggested that I look into creating an S-Corp for potential tax benefits/protection, but I truthfully have no idea what this would look like. After some preliminary Googling, I'm still not clear about what the potential advantages would be.
Any advice on what this would look like and/or the biggest benefits and drawbacks of doing so? (I am in Minnesota, if this helps!) Thank you!