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Here's my understanding of the situation, thus far. It is by far incomplete, so please correct me if I'm wrong.
In a sole proprietorship, or LLC for that matter, when you pay taxes on your earnings, the entire amount is subject to employment tax, which includes MediCare and Social Security taxes. The advantage is that there are less restrictions and it is easier to file.
With a subchapter S corporation, you may pay yourself a standard salary for what you do, which is subject to employment tax, and take the rest of your earnings as dividends, which saves you the MediCare and Social Security taxes you would otherwise be subject to. The big disadvantage is that you have all the paperwork involved with a corporation, along with a lot of restrictions...
At this point I'm leaning toward the S Corp, if I can work my way through all the paperwork involved.
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life is a sexually transmitted disease
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