Very informative! But don't the regular Depreciation reports do much the same? The personal property tax for local taxing authorities is indeed the problem. One local rural Virginia PP tax is so onerous that clients would rather not deduct a piece of equipment in their tax return just to avoid the dreaded PP tax levy. Folks don't understand why they keep paying PP taxes on even old pieces of equipment. I bought my office desk in 1976 and I still pay PP tax on it. A music teacher client pays enormous PP taxes on piano & instruments, though her net business income is negative. Problem is that our small rural community has 53 churches and two colleges, and there are few others to tax but struggling businesses.