One of the most significant benefits of being a freelancer is that you get much of the preferential tax status of being a business owner! Business owners are offered significantly greater tax benefits than a standard W-2 employee.
There are two ways an “independent contractor” or “freelancer” can be in business. They can get paid as an unincorporated 1099 contractor or can incorporate themselves and get paid to their corporation.
You will potentially pay less self-employed payroll tax than if you are just a 1099 contractor.
You will be able to build business credit that won't show up on your personal credit report and affect your credit score.