I am starting up a small home business, private swimming lessons. I was told I need to get an S Corporation so that I will not have to pay high taxes, social security tax and it will cover me from being sued if someone gets hurt. Is this the way to go, seems pricey to get a S corp. Couldnt I just begin the business, get an umbrella on my home to cover me. I plan on filing through my husbands income tax since i am an stay at home mom. Would taxes be pretty high for me, I plan on making around 12,000 a year.