Depreciation Schedule Template
Calculate and track asset depreciation for tax purposes.
What's Included:
- Multiple depreciation methods: straight-line, MACRS, and Section 179
- Asset register with purchase date, cost, useful life, and salvage value
- Annual and monthly depreciation expense calculations
- Accumulated depreciation and net book value tracking per asset
Available Formats:
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Depreciation lets you spread the cost of business assets over their useful life rather than deducting the full cost in the year of purchase. This template supports the most common methods—straight-line for simplicity, MACRS for IRS compliance, and Section 179 for immediate expensing of qualifying assets.
For tax optimization, compare the methods side by side. Section 179 allows full first-year expensing up to the annual limit, which can dramatically reduce your tax bill in the purchase year. MACRS uses accelerated depreciation that front-loads deductions. Straight-line spreads the deduction evenly. The right choice depends on your current tax situation and cash flow needs.
How to Use This Template
Add Assets to the Register
Enter each depreciable asset with its purchase date, cost, estimated useful life, salvage value, and depreciation method.
Select Depreciation Method
Choose straight-line for simplicity, MACRS for IRS tax compliance, or Section 179 for immediate expensing. The template calculates annual and monthly depreciation accordingly.
Review Annual Schedule
Check the depreciation schedule to see each asset's annual expense, accumulated depreciation, and remaining book value. Use these figures for tax returns and financial statements.
Frequently Asked Questions
What is the difference between straight-line and MACRS depreciation?
Straight-line spreads the cost evenly over the asset's useful life. MACRS is an accelerated method required for federal tax purposes that takes larger deductions in earlier years. MACRS typically results in more tax savings upfront. This template calculates both methods.
What qualifies for Section 179 expensing?
Most tangible business property (equipment, vehicles, furniture, computers) and some software qualifies. The annual deduction limit is $1,160,000 for 2023. The property must be used more than 50% for business. This template includes a Section 179 calculator for qualifying assets.
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