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Depreciation Schedules NJ | Set Up, Track & Dispose Properly

Depreciation Schedules NJ — Why They Matter

Your depreciation schedules NJ track the value of business equipment, furniture, and vehicles over time. They ensure you claim the right tax deductions each year and keep your Balance Sheet accurate.


Step 1: Create a Fixed Asset Register

List each item with:

  • Purchase date

  • Description

  • Cost

  • Estimated useful life

  • Depreciation method (MACRS, Straight-Line, etc.)


Step 2: Record Monthly Depreciation

Post a monthly or annual journal entry:

Debit: Depreciation Expense

Credit: Accumulated Depreciation (Balance Sheet)


Step 3: Track Disposals

When you sell or scrap an asset, record the sale proceeds and remove the asset + accumulated depreciation. Gain or loss goes on the P&L.


Step 4: Coordinate with Tax Depreciation

Book depreciation and tax depreciation may differ. Your CPA advisor will reconcile them during year-end planning.


NJ CPA updating a fixed asset depreciation schedule spreadsheet

CPA Tip:

Accurate depreciation schedules NJ prevent missed deductions and IRS issues during audits. Review them annually with your CPA to capture new purchases or disposals.


Need Help Managing Fixed Assets?

Let Gregory Monaco, CPA LLC in Livingston, NJ set up or clean up your depreciation schedule.

We’ll track every asset, calculate write-offs, and align your books with IRS tax depreciation.


Gregory Monaco, CPA | Livingston NJ (serving NJ + virtual nationwide)



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