Depreciation Schedule Worksheet - Alliance for Contractors

ALLIANCE FOR CONTRACTORS

Depreciation Schedule Worksheet

Professional Asset Management & Tax Optimization Tool

Company Name: _________________________________ Tax Year: _____________
EIN/Tax ID: _________________________________ Filing Status: _____________
Prepared By: _________________________________ Date: _____________

Instructions for Use

Purpose: This worksheet helps Alliance contractors track depreciation schedules, maximize tax benefits, and maintain compliance with IRS regulations.

Key Benefits: Section 179 election tracking, bonus depreciation calculations, asset lifecycle management, and tax optimization strategies.

Integration: Compatible with Alliance accounting partnerships for automated calculations and seamless financial reporting.

ASSET DEPRECIATION SCHEDULE
Asset Description Date Acquired Cost Basis Depreciation Method Useful Life Current Year Depreciation Accumulated Depreciation Book Value Notes
VEHICLES & TRANSPORTATION
$ $ $ $
$ $ $ $
$ $ $ $
TOOLS & EQUIPMENT
$ $ $ $
$ $ $ $
$ $ $ $
$ $ $ $
MACHINERY & HEAVY EQUIPMENT
$ $ $ $
$ $ $ $
$ $ $ $
BUILDINGS & IMPROVEMENTS
$ $ $ $
$ $ $ $
TECHNOLOGY & SOFTWARE
$ $ $ $
$ $ $ $
SECTION 179 ELECTION TRACKING
Section 179 Election Limit (Current Year): $ _________________
Total Section 179 Elections This Year: $ _________________
Remaining Section 179 Capacity: $ _________________
Assets Eligible for Section 179: $ _________________

Section 179 Asset List:

Asset Description Cost Section 179 Amount Regular Depreciation
$ $ $
$ $ $
$ $ $
BONUS DEPRECIATION CALCULATIONS

Bonus Depreciation Summary:

Current Year Bonus Depreciation Percentage: _______%
Total Eligible Assets for Bonus Depreciation: $ _________________
Total Bonus Depreciation Claimed: $ _________________
Remaining Basis for Regular Depreciation: $ _________________
TAX REPORTING SUMMARY
Total Current Year Depreciation (All Methods): $ _________________
Section 179 Deduction: $ _________________
Bonus Depreciation: $ _________________
Regular MACRS Depreciation: $ _________________
Listed Property Depreciation: $ _________________
TOTAL DEPRECIATION DEDUCTION: $ _________________

Alliance Integration Benefits

Automated Calculations: This worksheet integrates seamlessly with Alliance accounting partnerships, enabling automatic depreciation calculations and real-time updates.

Tax Optimization: Alliance members receive enhanced depreciation management through our professional network, ensuring maximum tax benefits and compliance.

Asset Management: Connect with Alliance-approved asset management systems for comprehensive equipment tracking and lifecycle analysis.

Professional Support: Access to Alliance tax professionals and CPAs specializing in contractor depreciation strategies.

Important Tax Compliance Reminders

  • Section 179 Limits: Verify current year limits and phase-out thresholds before making elections.
  • Bonus Depreciation: Confirm eligibility requirements and percentage rates for the tax year.
  • Listed Property: Vehicles and mixed-use assets may have special depreciation rules and limitations.
  • Mid-Quarter Convention: May apply if more than 40% of property is placed in service in the fourth quarter.
  • Record Keeping: Maintain detailed records of asset purchases, business use percentages, and disposal dates.
  • Professional Review: Consult with Alliance tax professionals before finalizing depreciation elections.

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