New Tax Reform Allows Full Deductions for Security, Alarm, and Fire Systems
Looking to install a new security system for your business in 2018? You’re in luck!
On December 22, 2017, President Trump signed into law H.R. 1, the Tax Cuts and Jobs Act, P.L. 115-97, which allows small- and medium-sized business owners to write off 100 percent of their security, alarm, and fire protection system purchases for existing commercial buildings.
So, what does this mean?
Previously, security and fire protection systems were excluded from deductions in Section 179 of the IRS tax code. But according to articles published by the Security Industry Association, Accounting Today, and Forbes, the Tax Cuts and Jobs Act expands eligibility for deductions to security, alarm and fire protection systems, along with other equipment, placed in service in 2018.
The law also increases the number of qualified purchases a business can expense to $1 million, up from $500,000. Take a look at the fact sheet with more details from the Security Industry Association.
Experts predict the change will lower the overall cost of installing a security system by 25 to 30 percent. Please consult your tax advisor for your specific tax savings.
Let Danner’s Security design and install a solution for your business today!