If you need a new security system for your small- to medium-sized business, or if your current security system is outdated and needs an upgrade, you are in luck.
Under the Tax Cuts and Job Acts, qualifying companies can now write off 100% of their security and fire protection systems in the year they are placed into service, up to $1 million.
Previously, companies could deduct most business-related equipment placed in service during the year, up to $500,000. But security and fire protection systems were excluded from these deductions in Section 179 of the IRS tax code.
As of 2018 however, security and fire protection systems are treated as qualifying Section 179 property under the law. Experts expect this new tax plan will reduce the overall cost of installing a security system by 25-30%.
For more details and the list of qualified systems and devices, check out this fact sheet from the Security Industry Association. Be sure to consult with your tax advisor for more information on your company’s specific tax savings.
Now is the time to invest in the safety and security of your facility! To schedule a consultation for your security system installation in New York or New Jersey, give us a call at (212) 688-2767 or fill out the form below.