Good point and thank you! Somehow I had missed that bit about W2 income (or I was thinking that the W2 had to apply to the business, which of course doesn't make sense in the context of a sole proprietor business). Now the numbers on Form 4562 add up.
Regarding Section 179 vs. Bonus Depreciation, given the amounts we're talking about (gross income in low 5 digits; net income usually in 3 digits - sometimes positive, sometimes negative, the assets in question cost about $15K), I think it doesn't matter (https://www.nationalfunding.com/blog/bonus-depreciation-section-179-difference/), but if I'm missing something, please let me know.
Ultimately, I was thinking that I'd just take a big loss this year and then go back to making small profits so that I avoid showing losses for more than 2 out of the last 5 years and getting classified as a hobby business.
