W2 to 1099 Tax Implications?

My employer has recommended that I form an LLC and be paid as an independent contractor via 1099. I am married, we filed jointly last year. We are located in IL. I work out of my home office, use my vehicle for business travel sometimes and entertain clients from time to time with dinners, etc. I only have healthcare with my employer and no other benefits and I am told they would continue to provide the healthcare. I invest in my own IRA with no employer benefits. I am trying to figure out if I will actually pay less taxes via more deductions (currently not deducting anything but the standard). I am also in graduate school part time on student loans with no employer istance.