Are you eligible for $1million in tax deductions?
Businesses have been always been able to deduct business-related equipment placed in service, but security systems did not qualify – now they do. Beginning in 2018, the
Tax Cuts and Jobs Act allows qualifying businesses to deduct the full cost of new “Security and Fire Protections Systems,”up to
$1 million. Prior to passage of the Act, companies had to be depreciate the system cost over a period of up to 39 years. The legislation was passed to encourage businesses that are considering capital investments in this critical area and promote industry investment.
https://www.securityindustry.org/report/guide-to-new-tax-incentives-for-security-and-fire-protection-systems/
The
Security Industry Association (SIA) worked with industry groups to expand deductions under Section 179 of the IRS tax code which empowers businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The revised tax code permanently expands eligibility for deductions to fire protection, alarm, and security systems along with other equipment placed in service in 2018 and beyond.
Talk to your accounting partner to understand the impact this could have on your business.
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