Hi @Shall175 Great question!
If you're being paid via 1099s you are already being paid as in independent contractor. What is self employment tax? Basically you will end up likely filing a Schedule C for self employed income, and you'll owe self employment tax on this income. Self employment tax just takes the place of the payroll taxes you would pay if you were a W2 employee.
As far as forming an LLC, that's a question best directed to an attorney in your state familiar with business formation. If you are the sole owner of the LLC you will still file on Schedule C and there's not difference to your tax return, but there could be a significant difference on the legal side of things.
As a 1099 contractor you are also able to deduct expenses related to your business, so you will want to track those. Here is a link to guide you: Self employed expenses.
I hope this helps!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
