Monetization, Taxes, LLC's and all that fun stuff

Hey all,

I have a question that I've been slowly starting to think about, if/when that day comes that I get monetized, do I need to set up an LLC for tax purposes?

Some background on my channel:
Its a fragrance review/rackstore hunting page. Started in Feb, as of this morning, I am at 293 Subscribers and just under 1000 watch hours. So I know I still have some time to really do it, but when it actually a good time. When YouTube makes it official? A few months into monetization?

I've read that YouTube gives you a 1099 for your earnings, so obviously I would have to save a portion come tax time.

Just curious what you guys think? Or am I being overly confident on something that might not happen at all? Thanks all :)