Tax Depreciation Schedule

Download and open in Excel or Google Sheets

Requires a Tools Club membership — log in first to access the file.

List each asset with its purchase date and cost

This forms the tax basis the depreciation calculations build from.

Note the tax classification and any elections used

Some jurisdictions offer accelerated deduction options — work with your accountant on which apply to your assets.

Track accumulated tax depreciation and remaining basis per asset

This is what your accountant needs at filing time, and what matters if you later sell the asset.

Run the built-in AI prompt to flag items to review

Attach the saved file to ChatGPT or Claude and ask which assets or elections are worth discussing further with your accountant.

Using the same schedule for book and tax depreciation

These often follow different rules and timing — keep them separate to avoid a filing error, and reconcile the difference with your accountant.

Missing an available accelerated deduction election

Many jurisdictions offer special elections that can significantly change the timing of a deduction — this is exactly the kind of decision worth an accountant’s input, since it affects both current and future tax years.

Not tracking remaining tax basis accurately

This matters directly when you eventually sell or dispose of the asset — an inaccurate basis flows into an inaccurate gain or loss calculation.

Applying elections inconsistently across similar assets

Some elections, once made, can affect how similar future assets must be treated — track decisions carefully and consistently with your accountant’s guidance.