I'd like to start moonlighting this year. Is there a benefit, either financially (like getting extra deductions), or liability-wise to setting up some kind of company/corporation? Of would the cost of setting this up exceed the benefits? I'm a resident, so my salary is 50-somethingK per year with no other sources of income. Sorry if this is an extremely niave question -- I searched and found a few threads about this, but I didn't really understand how this would apply to me. Thank you.