Always get a Copy of Your Depreciation Schedule from your tax preparer.

Depreciation is the process of spreading the deduction of certain items you purchased for your business (or your rental properties) over a number of years.

If you have your taxes done by a tax professional, he or she will prepare a depreciation schedule that will show all the details of how your depreciation deductions for the current year were calculated.

These details include:
* The cost of the item
* The date it was first used in your business
* The number of years the item is being depreciated
* The method used (straight line or accelerated), and* Any special rules that were applied to the item (100% bonus, Section 179, etc.).

The depreciation schedule is not submitted to the IRS with your tax forms. It’s a tool used by your tax professional to document how your depreciation deductions were calculated in the current year and how they will be calculated in subsequent tax years.

Your depreciation schedule is a crucial document for your business. Therefore, you will want a copy for your own tax records for each year you file your business tax forms. If you don’t have a copy, you won’t be able to tell how the amount of depreciation was determined on IRS Form 4562 Depreciation and Amortization. Therefore, before paying your tax professional, ask for a copy of your depreciation schedule. Although your tax professional is not required by law to give a copy to you, it’s the professional thing to do.