Great post.....the amount of "write offs" is a HUGE pay raise. I retired early and sold my Commercial HVAC shop after 20 years in business. I planned well and was prepared for the lack of income, what I miscalculated was the lack of write offs and actually having to pay for fuel, insurance, car registrations, travel, , etc., with personal, POST TAX dollars. It sucks!I guess my best public response would be, would you rather make $250k with $50-75k in expenses, or $125k with no "expenses" but the exact same hours worked? Every tradesman needs transportation. If you are a rig welder getting paid rig check, your transportation is now a write off, so is all your fuel. So are all your tools, on the truck and in the garage. So is that skid steer you bought to lift your welder in & out of your truck. So are all those materials you bought, the leftovers of which you used to build your rock crawler, the spare wheels, tires axle shafts, etc. Can't do that as just a W2 earner. Yes, you have more expenses, a bit more headache & responsibility maintaining equipment, but I've seen it work well for guys that want it and understand how to play the game. I'm sure I'll get chastised for suggesting some of the tax write offs, but go to any play location in SoCal, look around, and I bet 90% of the toys & haulers are tax write offs paid for through businesses.
I really don't know how young families make it these days unless they are in the "C Suite" or self employed.