What you do with the taxable profit from your SCH C business is irrelevant. It's still taxable income in the tax year it is earned/paid.
If you use it to buy business assets that are depreciable, then it gets deducted over the class life of whatever the asset class life of the purchaesd asset is, as defined in the MACRS class life tables.
If the asset qualifies for a SEC179 deduction or Special Depreciation allowance, then you'll deal with it that way.
Just understand that depreciation is not a permanent deduction. That depreciation gets recaptured and taxed at some point - usually when you sell or otherwise dispose of that asset.
