Equipment & Depreciation
Camera bodies, lenses, lighting kits, computers — creative professionals invest heavily in gear. creavio helps you track what you own, what it's worth, and how it depreciates for tax purposes.
Adding Equipment
- Go to Money > Equipment
- Click + Add Equipment
- Enter the item name, purchase date, and purchase price
- Select the depreciation method (straight-line is most common)
- Set the useful life in years (typically 5-7 years for camera gear)
- Add serial number and notes if desired
- Click Save
Understanding Depreciation
Depreciation spreads the cost of a major purchase over its useful life rather than deducting the full amount in year one. For example, a $3,500 camera body with a 5-year useful life depreciates at $700 per year.
creavio supports two methods:
- Straight-Line — equal deduction each year (simplest, most common)
- Section 179 — deduct the full cost in the year of purchase (subject to IRS limits)
Equipment Dashboard
Your equipment list shows each item with:
- Original purchase price
- Current book value (purchase price minus accumulated depreciation)
- Annual depreciation amount
- Remaining useful life
Why This Matters
- Tax deductions — depreciation reduces your taxable income each year
- Insurance — know the replacement value of your gear
- Upgrade planning — see which items are fully depreciated and due for replacement
- Business valuation — total equipment value is part of your business assets
Consult your accountant about which depreciation method works best for your situation. creavio gives them the data they need at tax time.