Hello. I have a small side hustle woodworking business in its second year. I currently have a small profit (around $1000) and am looking to buy some additional equipment to expand my shop. If I purchase it, however, I will likely no longer have a profit for this year if I take the bonus depreciation (equipment is around $2000). I just moved and rebuilding client base, so unlikely to earn the difference before the end of the year.
Will anything over the income from the side hustle get deducted from my W2 income? If not, should I take the normal depreciation over multiple years?
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