Switching from Full time salary to Incorporate
I am considering switching to a contract position (Incorporated ) with a new company with an hourly rate of $55. Initially this is a 9 months contract with good possibility of extensions in future.
My colleagues tell me that I will save lot more if I go for hourly job. They say that my income taxes will be less as I can write some expenses like vehicle, meal etc. I don't need health benefits as I can get these benefits through my spouse insurances , who is full time also.
My question is that does it make sense financially to switch the job. The commuting time and working hours being almost same in both jobs. Will i be having more cash flow.