Thank you so much @JamesG1 for this information. I also understand this completely and am now very confident going forward with the Business Assets part of my filings.
I saw you mentioned Qualified Business Income Deduction. I have never chosen this deduction and have always selected "None of this work is qualified" on the screen asking about Qualified Business Income.
I thought that since this is only side work I do that's in addition to my full time job, and since it's only me doing it and I do it under my own SSN (no EIN number), that it would not be eligible for the Qualified Business Income. I only make a few thousand dollars in a given year on side work depending if I have the time. So I didn't think I would qualify for the QBI.
Was this also a mistake I made? Is the QBI for any business regardless if it's side work and it doesn't generate much income? Should I have chosen to get the QBI deduction? My side work is just helping people and small organizations build their website, create ads for social media, and editing videos.
Thank you so much.
