Bought a laptop, camera or other equipment for your freelance work? Deduct it at once or spread it: depreciation, capital allowances and capital cost allowance under IRS, HMRC and CRA rules (US, UK, Canada)

A new laptop, a camera body and lenses, a monitor, a microphone or a desk usually lasts for years, so tax rules often treat it differently from a monthly bill. Here's what the IRS, HMRC and the CRA say about when you can deduct the whole cost in the year you buy it, when you spread it over several years, what happens when you also use it privately, and what to keep.

General information, not tax, legal or accounting advice. Not written or reviewed by a lawyer or an accountant. The short answer, the side-by-side summary, the steps, the checklist, the wording to copy and all the other wording are ours; the official items come from the US, UK and Canadian government pages linked below. This page is about a self-employed person (a sole proprietor or sole trader) buying equipment for the business. It doesn't tell you whether a particular purchase is deductible, which method or class applies, or how much to claim, and it doesn't cover vehicles, buildings, leasing, selling equipment, companies, US states, Canadian provinces, Quebec, or other countries. Rules change; check the current official pages before you claim. Official pages were read on 2026-10-19.

The short answer

1. US: "If property you acquire to use in your business is expected to last more than 1 year, you generally can’t deduct the entire cost as a business expense in the year you acquire it. You must spread the cost over more than 1 tax year and deduct part of it each year on Schedule C (Form 1040). This method of deducting the cost of business property is called depreciation." But the section 179 deduction, the special depreciation allowance and the de minimis safe harbor can let you deduct some or all of the cost in the first year, each with its own conditions.
2. UK: "For equipment you keep to use in your business, for example computers or printers, claim:"
   • allowable expenses if you use cash basis accounting
   • capital allowances if you use traditional accounting
   Cash basis is now the standard way for sole traders; with traditional accounting, the annual investment allowance lets you deduct the full cost in most cases.
3. Canada: "In addition, you cannot claim expenses you incur to buy capital property." Instead you claim capital cost allowance, a share of the cost each year by class, with a half-year rule in the first year and some exceptions.
4. If you also use it privately, only the business part counts in all three countries, and some first-year options have extra conditions.
5. If you sell it later, give it away or stop using it for the business, you may have to add something back to your income; our guide to closing a freelance business covers what happens to equipment when you sell it or stop.

On this page

• 1. United States: depreciation, and when it starts
• 2. United States: deducting more in the first year
• 3. United States: personal use, cameras and phones
• 4. United Kingdom: cash basis or capital allowances
• 5. United Kingdom: the annual investment allowance and other allowances
• 6. Canada: current or capital, and capital cost allowance
• 7. Canada: classes for computers, tools and other equipment
• 8. Side by side
• 9. Step by step
• 10. Wording to copy
• 11. Checklist
• Free tools and kits
• Where the sources differ
• When to get advice
• Related
• Sources

1. United States: depreciation, and when it starts

• What depreciation is: "Depreciation is an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property. It is an allowance for the wear and tear, deterioration, or obsolescence of the property." "You can depreciate most types of tangible property (except land), such as buildings, machinery, vehicles, furniture, and equipment. You can also depreciate certain intangible property, such as patents, copyrights, and computer software." (IRS: Publication 946 (2025), How To Depreciate Property, page date 30-Apr-2026).
• The test: "You can depreciate property if it meets all the following requirements."
  • It must be property you own.
  • It must be used in business or held to produce income. You can never depreciate inventory (explained in chapter 2) because it is not held for use in your business.
  • It must have a useful life that extends substantially beyond the year it is placed in service.
  It must also have a determinable useful life and not be excepted property, such as property you place in service and dispose of in the same year (IRS: Publication 334 (2025), Tax Guide for Small Business, page date 30-Apr-2026).
• Things that don't last: the publication says a library you keep for your profession can be depreciated, but "However, if you buy technical books, journals, or information services for use in your business that have a useful life of 1 year or less, you cannot depreciate them. Instead, you deduct their cost as a business expense."
• When it starts: "You place property in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Even if you are not using the property, it is in service when it is ready and available for its specific use." "It is therefore not necessarily the date it is first used."
• Where it goes: under Line 13, the instructions for the business schedule say "Depreciation starts when you first use the property in your business or for the production of income." "You can also elect under section 179 to expense part or all of the cost of certain property you bought in 2025 for use in your business." "You must complete and attach Form 4562 only if you are claiming:"
  • Depreciation on property placed in service during 2025;
  • Depreciation on listed property (defined later), regardless of the date it was placed in service; or
  • A section 179 expense deduction.
  (IRS: Instructions for Schedule C (Form 1040) (2025), page date 30-Apr-2026).

For the schedule itself, see Schedule C for US freelancers.

2. United States: deducting more in the first year

• The section 179 deduction: "You can elect to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. This is the section 179 deduction. You can elect the section 179 deduction instead of recovering the cost by taking depreciation deductions." "You elect to take the section 179 deduction by completing Part I of Form 4562."
• The limits: "The total amount you can elect to deduct under section 179 for most property placed in service in tax years beginning in 2025 generally cannot be more than $2,500,000." "You do not have to claim the full $2,500,000." The publication's what's new sections add: "For tax years beginning in 2025, the maximum section 179 expense deduction is $2,500,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $4,000,000." "For tax years beginning in 2026, the maximum section 179 expense deduction is $2,560,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $4,090,000."
• Your business income: "The total cost you can deduct each year after you apply the dollar limit is limited to the taxable income from the active conduct of any trade or business during the year." "Any cost not deductible in 1 year under section 179 because of this limit can be carried to the next year."
• Records: "You must keep records that show the specific identification of each piece of qualifying section 179 property. These records must show how you acquired the property, the person you acquired it from, and when you placed it in service."
• The special depreciation allowance: "You can take a special depreciation allowance to recover part or all of the cost of certain property (described next) placed in service during the tax year. The allowance applies only for the first year you place the property in service. The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service." "Unless you elect out, you must take a 100% special depreciation allowance for certain qualified property (including long production period property and certain aircraft) acquired and placed in service after January 19, 2025." The publication lists what counts as qualified property and how to elect out.
• Small purchases, the de minimis safe harbor: "Generally, you must capitalize costs to acquire or produce real or tangible personal property used in your trade or business such as buildings, equipment, or furniture. However, if you elect to use the de minimis safe harbor for tangible property, you may deduct de minimis amounts paid to acquire or produce certain tangible property if these amounts are deducted by you for financial accounting purposes or in keeping your books and records." "If you don’t have an applicable financial statement, you may use the de minimis safe harbor to deduct amounts paid for tangible property up to $2,500 per item or invoice." "Amounts qualifying under this de minimis safe harbor should be included as other expenses in Part V of Schedule C (Form 1040)."
• Electing it: "You should attach a statement titled "Section 1.263(a)-1(f) de minimis safe harbor election" to the timely filed original federal tax return including extensions for the taxable year in which the de minimis amounts are paid." "Under the election, you must apply the de minimis safe harbor to all expenditures meeting the criteria for the election in the taxable year." "If you don't have an AFS, you are not required to have written accounting procedures; however, you must expense amounts on your books and records for the taxable year in accordance with a consistent accounting procedure or policy existing at the beginning of the taxable year." (IRS: Tangible property final regulations, page date 04-Aug-2026).

If your deductions come to more than your business income for the year, see our guide to using a business loss.

3. United States: personal use, cameras and phones

• Business and personal use: "When you use property for both business and nonbusiness purposes, you can elect the section 179 deduction only if you use the property more than 50% for business in the year you place it in service. If you use the property more than 50% for business, multiply the cost of the property by the percentage of business use. Use the resulting business cost to figure your section 179 deduction."
• Listed property: "Listed property is any of the following."
  • Passenger automobiles (as defined later).
  • Business aircraft (discussed later).
  • Any other property used for transportation, unless it is an excepted vehicle.
  • Property generally used for entertainment, recreation, or amusement (including photographic, phonographic, communication, and video recording equipment).
  "If the property is not used predominantly (more than 50%) for qualified business use, you cannot claim the section 179 deduction or a special depreciation allowance." The instructions for the business schedule add: "Listed property does not include photographic, phonographic, communication, or video equipment used exclusively in your trade or business or at your regular business establishment."
• If business use drops later: "If you take a section 179 deduction (explained in chapter 8 under Depreciation) for an asset and before the end of the asset’s recovery period the percentage of business use drops to 50% or less, you must recapture part of the section 179 deduction."
• Something you already owned: "If you converted property held for personal use to use in a trade or business or for the production of income, treat the property as being placed in service on the conversion date."

Cars and other vehicles have their own limits; our free mileage log covers the mileage route.

4. United Kingdom: cash basis or capital allowances

• Which method you use: "Cash basis accounting is the standard way to record your income and expenses if you’re a sole trader or partnership without corporate partners." "You can choose to use traditional accounting instead. With traditional accounting you record income and expenses by the date you invoiced or were billed." (GOV.UK: Cash basis, page date 2021-07-21).
• Equipment under cash basis: "Only count the expenses you’ve actually paid." Its examples of allowable expenses include "things you use in your business - for example, machinery, computers and vans (there are different rules for cars)". "Unlike traditional accounting, you claim the cost of other equipment you buy to keep and use in your business as a normal allowable business expense rather than as a capital allowance." "If you buy a car for your business, you can claim the purchase as a capital allowance (but only if you’re not using simplified expenses to work out your business expenses for that vehicle)." "If you’re currently claiming capital allowances and want to switch to cash basis, find out what changes you need to make." (GOV.UK: Cash basis, how to record income and expenses, page date 2021-07-21).
• Short-lived items and software: "If you’re self-employed - a sole trader or individual in a business partnership - you can claim items you’d normally use for less than 2 years as allowable expenses, for example:" stationery, and rent, rates, power and insurance costs. Its list of office costs includes
  • computer software your business uses for less than 2 years
  • computer software if your business makes regular payments to renew the licence (even if you use it for more than 2 years)
  "Claim other software for your business as capital allowances, unless you use cash basis." "You cannot claim for any non-business use of premises, phones or other office resources." (GOV.UK: Expenses if you're self-employed, office, property and equipment, page date 2024-11-08).
• Capital allowances with cash basis: "If you’re a sole trader or partnership and you use cash basis, you can only claim capital allowances on business cars." (GOV.UK: Claim capital allowances, page date 2024-10-22).

For how the two methods work for income too, see cash or accrual accounting for freelancers and UK Self Assessment for freelancers.

5. United Kingdom: the annual investment allowance and other allowances

• What capital allowances are: "Capital allowances are a type of tax relief for businesses. They let you deduct some or all of the value of an item from your profits before you pay tax." "If an item qualifies for more than one capital allowance, you can choose which one to use." "You can claim capital allowances on items that you keep to use in your business - these are known as ‘plant and machinery’." (GOV.UK: Claim capital allowances, what you can claim on, page date 2024-10-22).
• The annual investment allowance: GOV.UK says in most cases you can deduct the full cost of these items using it. "You can claim AIA on most plant and machinery up to the AIA amount." "The AIA amount is £1 million." "You get a new allowance for each accounting period." "You cannot claim AIA on:"
  • business cars
  • items you owned for another reason before you started using them in your business
  • items given to you or your business
  (GOV.UK: Claim capital allowances, annual investment allowance, page date 2024-10-22).
• When: "You can only claim AIA in the period you bought the item." "The date you bought it is:"
  • when you signed the contract, if payment is due within less than 4 months
  • when payment’s due, if it’s due more than 4 months later
• Claiming less now: "If you do not want to claim the full cost, for example you have low profits, you can claim:"
  • writing down allowances instead
  • part of the cost as AIA and part as writing down allowances
  "If you do not want to claim the full value as annual investment allowance or a first year allowance, you can claim part of it using writing down allowances. You can do this at any time as long as you still own the item." (GOV.UK: Claim capital allowances, how to claim, page date 2024-10-22).
• Writing down allowances: "‘Writing down allowances’ are one type of capital allowance. They let you deduct a percentage of the value of certain items from your profits each year." (GOV.UK: Work out your writing down allowances, page date 2014-12-09). "The 3 types of pool are the:"
  • main pool with a rate of 14% from April 2026, and 18% before
  • special rate pool with a rate of 6%
  • single asset pools where the rate depends on the item
  (GOV.UK: Work out your writing down allowances, rates and pools, page date 2014-12-09).
• The newer first-year allowance: "If you buy plant or machinery that qualifies for 40% first-year allowance, you can deduct 40% of the cost from your profits before tax." "To qualify for the 40% first-year allowance, plant or machinery must:"
  • have been bought on or after 1 January 2026
  • be new and unused
  • qualify for the main rate of writing down allowance
  • not be a car
  (GOV.UK: Claim capital allowances, first-year allowance, page date 2024-10-22). Full expensing is a different allowance: "Only companies can claim full expensing and the 50% first-year allowance." (GOV.UK: Claim capital allowances, full expensing, page date 2024-10-22).
• Things you also use privately: "You cannot claim the full value of items you also use outside your business if you’re a sole trader or partnership. Reduce the capital allowances you claim by the amount you use the asset outside your business." GOV.UK's example: "You buy a laptop for £600. You use it outside your business for half of the time. The amount of capital allowances you can claim is reduced by 50%." "If you use an item outside your business and you’re a sole trader or in a partnership, put it in a separate pool."
• Something you already owned, or a gift: "In most cases, the value is what you paid for the item. Use the market value (the amount you’d expect to sell it for) instead if:"
  • you owned it before you started using it in your business
  • it was a gift
• Selling it later: "If you sell the item after claiming AIA, you may need to pay tax." "If you’re not sure whether a business cost is an allowable expense contact HM Revenue and Customs (HMRC)."

6. Canada: current or capital, and capital cost allowance

• The rule: "Generally, you can deduct any reasonable current expense you incur to earn business income." "In addition, you cannot claim expenses you incur to buy capital property." (CRA: Expenses section of Form T2125, page date 2026-08-31).
• Current or capital: "A capital expense generally gives a lasting benefit or advantage." "A current expense is one that usually recurs after a short period." If the other tests don't settle it: "Compare the cost of the expense to the value of the property. Generally, if the cost is of considerable value in relation to the property, it is a capital expense." (CRA: Current or capital expenses, page date 2026-08-31).
• Capital cost allowance: "However, since these properties may wear out or become obsolete over time, you can deduct their cost over a period of several years. The deduction is called capital cost allowance (CCA)." "You can usually claim CCA on a property when it becomes available for use." "Property other than a building usually becomes available for use on the earlier of:"
  • the date you first use it to earn income
  • the second tax year after the year you acquire the property
  • the time just before you dispose of the property
  • the time the property is delivered or made available to you and is capable of producing a saleable product or service
  (CRA: Guide Self-employed Business, Professional, Commission, Farming, and Fishing Income: Chapter 4 – Capital cost allowance, page date 2026-04-16).
• How it's worked out: "Capital cost is generally your full cost of acquiring a property." "For the most part, use the declining balance method to calculate your capital cost allowance (CCA), as it is the most common one. This means that you apply the CCA rate to the capital cost. Over the life of the property, the rate is applied against the remaining balance. The remaining balance declines each year that you claim CCA." "In the year you acquire a depreciable property, you can usually claim CCA only on one-half of your net additions to a class. This is called the half-year rule." (CRA: Basic information about capital cost allowance, page date 2026-08-31).
• Claiming less now: "You do not have to claim the maximum amount of CCA in any given year. You can claim any amount you like, from zero to the maximum allowed for the year. If you do not have to pay income tax for the year, you may not want to claim CCA."
• Business and personal use: the guide's instruction for the calculation is "Include only the business part." "If a chart asks for the personal part of a property, this refers to the part you use personally, separate from the part you use for business."
• Something you already owned: "If you bought a property for personal use and started using it in your business in your current tax year, there is a change in use. You need to determine the capital cost for business purposes at the moment of this change in use."

The allowance goes in its own area and line of your statement of business or professional activities: see our guide for Canadian freelancers.

7. Canada: classes for computers, tools and other equipment

• Class 50 (55%), computers: "Include in Class 50 with a CCA rate of 55% property acquired after March 18, 2007, that is general-purpose electronic data processing equipment and systems software for that equipment, including ancillary data processing equipment." "Under proposed changes, new additions of Class 50 property are eligible for an enhanced first-year deduction of 100%. This applies to property acquired after April 15, 2024, and that becomes available for use before 2027. Property that will become available for use in 2027 will continue to benefit from the AII or RII." (CRA: Classes of depreciable property, page date 2026-08-31).
• Class 12 (100%), small tools and software: "Class 12 includes property such as tools, medical or dental instruments, and kitchen utensils that cost less than $500 and were acquired on or after May 2, 2006." "Most small tools in Class 12 are not subject to the half-year rule. They are fully deductible in the year of purchase. If the tool costs $500 or more, include it in Class 8 with a CCA rate of 20%." "Include in Class 12 with a CCA rate of 100% computer software that is not systems software. Software in Class 12 is subject to the half-year rule." "Class 12 specifically excludes electronic communication devices and electronic data processing equipment."
• Class 8 (20%), other equipment: "Class 8 with a CCA rate of 20% includes certain property that is not included in another class. Examples are furniture, appliances, tools costing $500 or more per tool, some fixtures, machinery, outdoor advertising signs, refrigeration equipment, and other equipment you use in the business." "Photocopiers and electronic communications equipment, such as fax machines and electronic telephone equipment, are also included in Class 8."
• The first-year incentives: after explaining the half-year rule, the guide adds "However, the half-year rule does not apply to AIIPs, ZEVs, Class 56 properties, or, under proposed changes, RIIPs." The CRA's incentive page says "You must acquire the eligible property after November 20, 2018, and it must be available for use before 2028 to qualify for the measures." "A phase-out of the measures begins for eligible property that becomes available for use after 2023, though the CCA half-year rule effectively remains suspended for such property." (CRA: Accelerated investment incentive, page date 2025-07-21). On immediate expensing, the guide says "For a property to be considered immediate expensing property, it has to be available for use before 2025."
• Which year: "Base your CCA claim on your fiscal period ending in 2025, and not the calendar year."

8. Side by side

Our summary of sections one to seven, not official wording.

9. Step by step

Our order of steps, based on sections one to seven — not an official checklist.

1. Write down what you bought, the date, the price and the date it was ready to use in your business.
2. Check whether it will last more than a year or two, or whether it is a small item or software you renew.
3. Work out how much you use it for the business and how much privately, and how you measured it.
4. Check the method that applies to you: depreciation and its elections in the US, cash basis or traditional accounting in the UK, or the capital cost allowance class in Canada.
5. Decide with your accountant whether to claim the whole cost now or spread it, and keep a note of the choice.
6. Keep the receipt or invoice and any delivery or set-up date with your records.
7. Keep a list of the equipment you own for the business, with what you claimed each year.
8. If you later sell it, give it away or stop using it for the business, check the rules before you file.

10. Wording to copy

Fill in everything in [brackets]. This is ours, not from any agency, and it's not tax, legal or accounting advice. It doesn't take the place of the receipts and records your tax office may ask for.

An equipment record for your files

Equipment record (my own records, not an official document)
Item: [what it is, make and model]
Bought from: [seller], on [date], for [amount], paid by [payment method]
Ready to use in the business on: [date]
Business use: [all / part: share and how I worked it out]
Method: [expense in full / depreciation / capital allowances / capital cost allowance: class]
Any election or allowance chosen: [none / which one], after checking [the official page or adviser]
Claimed this year: [amount]
Left to claim later: [amount / none]
Sold, given away or no longer used for business: [no / date and details]

A question to your accountant before you claim

Hi [accountant's name],

I bought [item] on [date] for [amount] and started using it in my business on [date]. I use it for the business about [share] of the time.

[If I already owned it: I owned it before I started using it for the business.] [If small: it cost less than [amount].]

Could you tell me whether I should claim the whole cost this year or spread it, which method or class applies, and what I need to record? I've attached the receipt.

Thanks,
[your name]

11. Checklist

Our summary of the official pages above, not an official checklist.

• The receipt or invoice for each item of equipment
• The date you bought it and the date it was ready to use
• Your share of business use, and how you worked it out
• The method you used and any election you made
• What you claimed this year and what is left to claim later
• A list of equipment you own for the business
• Anything you sold, gave away or stopped using for the business
• Anything you’re not sure about, checked with the tax office or an accountant

Free tools and kits

• Our free expense tracking guide shows a simple way to keep business cost records.
• Our free expense and receipt log keeps the receipt details for each cost.
• Insuring the equipment? See business insurance for freelancers.
• Our paid Freelance Billing Kit by Small Rows (US$12, one-time) can log each purchase: the Expenses tab has a date, a category, a description, the amount paid and a "Deductible? (your call)" column, and the category drop-down lets you pick Equipment from the kit's own list, the depreciation and section 179 line from the US list on Settings, or type your own. Each row counts in full in the year of the date you give it, so it doesn't work out depreciation, capital allowances or capital cost allowance, or spread a cost over several years; keep the equipment record below alongside it. It doesn't decide which method applies or file anything.
• All three kits together: the All-Kits Bundle by Small Rows (US$24, one-time).

Where the sources differ

• When US depreciation starts: the instructions for the business schedule say depreciation starts when you first use the property in your business, while the depreciation publication says the placed in service date is when the property is ready and available for a specific use, not necessarily the date it is first used. Our reading is that the publication's more detailed rule is the one to follow; ask the IRS or an adviser if the dates differ for you.
• Computers as US listed property: the introduction to the publication's listed property chapter says "Listed property includes cars, business aircraft, and other property used for transportation, property used for entertainment, and certain computers." But its list of listed property doesn't name computers, and it refers elsewhere to computers placed in service before a past year. Our reading is that a computer you buy now isn't listed property under that list, while a camera may be unless you use it only in your business or at your regular business establishment; check the publication for your item.
• Which US edition: the IRS publications and instructions are the editions for the latest tax year, and the dollar limits change each year (the publication already gives next year's section 179 limit). Our reading is that the rules above are current, but check for later editions before you file.
• Old GOV.UK page dates: several GOV.UK pages carry page dates years before the changes they describe, such as the newer first-year allowance and the lower main rate. Our reading is that the date shown isn't updated for every change and the content is current, but check the live page before you claim.
• The UK newer first-year allowance: GOV.UK's overview lists full expensing next to the other allowances, but the full expensing page says only companies can claim it; the newer first-year allowance page doesn't say it is limited to companies. Our reading is that a sole trader using traditional accounting would normally look at the annual investment allowance first, and ask HMRC or an accountant before relying on the newer allowance.
• The wording of the Canadian guide: the guide's chapter on capital cost allowance opens with "You cannot deduct the cost of the property when you calculate your net farming or fishing income for the year." The CRA's page for the business statement says the same about capital property for business income. Our reading is that the rule applies to business and professional income too.
• "Under proposed changes" in Canada: the full first-year deduction for computers and the newer first-year incentive are described as proposed changes, and the CRA's incentive page, with an older page date, doesn't mention them. Our reading is that you should check whether the change has become law and how it applies to your purchase before relying on it; ask the CRA or an accountant.
• Cameras and phones in Canada: the pages we read don't name cameras, and they describe electronic communications equipment in the equipment class while leaving computers to their own class. Our reading is that you should check the CRA's class list for your item rather than guess; ask the CRA if it isn't clear.
• Which Canadian edition: the guide is for fiscal periods ending in the latest tax year. Our reading is that the rules above are current, but check for a later edition before you file.
• What we did not check: vehicles, buildings, home offices and leased equipment; the depreciation tables, conventions and recovery periods in detail; the depreciation form line by line; selling, trading in or giving away equipment (our closing guide covers selling at a high level); US state rules; UK balancing charges, short life asset elections and Scotland, Wales and Northern Ireland differences; sales tax, VAT and GST/HST on purchases; Quebec and provincial rules; companies and partnerships; other countries' rules.

When to get advice

• you bought something expensive, or several items, and want to choose between claiming now and spreading it;
• you use the equipment for both business and personal use, or your business use changes from year to year;
• you already owned the item before you started using it for the business, or it was a gift;
• a large first-year claim would make a loss, or your income is low this year;
• you sold, traded in or stopped using equipment you claimed for;
• you have a partner or a company, or you're registered for VAT, GST/HST or sales tax.

Talk to an accountant or a tax adviser in your country. This page is general information only.

Related

• Freelance expense tracking
• Schedule C for US freelancers
• UK Self Assessment for freelancers
• Canadian self-employment statement for freelancers
• Cash or accrual accounting for freelancers
• Closing a freelance business
• Using a business loss

Sources

• United States: IRS: Publication 946 (2025), How To Depreciate Property (page date 30-Apr-2026) · IRS: Publication 334 (2025), Tax Guide for Small Business (page date 30-Apr-2026) · IRS: Instructions for Schedule C (Form 1040) (2025) (page date 30-Apr-2026) · IRS: Tangible property final regulations (page date 04-Aug-2026)
• United Kingdom: GOV.UK: Claim capital allowances, page date 2024-10-22 · GOV.UK: Claim capital allowances, what you can claim on, page date 2024-10-22 · GOV.UK: Claim capital allowances, annual investment allowance, page date 2024-10-22 · GOV.UK: Claim capital allowances, first-year allowance, page date 2024-10-22 · GOV.UK: Claim capital allowances, full expensing, page date 2024-10-22 · GOV.UK: Claim capital allowances, how to claim, page date 2024-10-22 · GOV.UK: Work out your writing down allowances (page date 2014-12-09) · GOV.UK: Work out your writing down allowances, rates and pools (page date 2014-12-09) · GOV.UK: Expenses if you're self-employed, office, property and equipment (page date 2024-11-08) · GOV.UK: Cash basis (page date 2021-07-21) · GOV.UK: Cash basis, how to record income and expenses (page date 2021-07-21)
• Canada: CRA: Expenses section of Form T2125, page date 2026-08-31 · CRA: Current or capital expenses, page date 2026-08-31 · CRA: Basic information about capital cost allowance, page date 2026-08-31 · CRA: Classes of depreciable property, page date 2026-08-31 · CRA: Accelerated investment incentive, page date 2025-07-21 · CRA: Guide Self-employed Business, Professional, Commission, Farming, and Fishing Income: Chapter 4 – Capital cost allowance, page date 2026-04-16

Checked 2026-10-19. Found a mistake? Tell us via Support.