Don’t Write Off Alarm and Fire Safety (Unless it’s on your taxes)
Starting this year, qualifying businesses can deduct up to $1 million by investing in alarm and fire protection. If you’re a business owner this could be a great time to have a new system installed. Under Section 179, which previously excluded security and fire protection, you can now deduct a large number of alarm and fire safety products.
Signed into law on December 22, 2017, these new changes are already having a positive impact on businesses across America. Small- and medium-sized business owners can now write off 100% of any alarm and fire safety products they purchase within that year.
What you need to know:
- Qualifying purchases for Fire Protection includes a wide range of products including heat and smoke detection devices, sprinklers, fire doors, and audible alarms to name a few.
- In the context of Section 179, Security Systems include window and door sensors, security cameras, motion detectors, access control systems, alarm panels and much more.
- The alarm and fire safety products must be purchased and put into service within the same year that the deduction is claimed.
- The law increased the amount of qualified purchases from $500,000 to $1 million.
- Many experts predict that this change will lower the overall cost of installing alarm and fire safety systems by 25 to 30 percent.
Section 179 can change from year to year without notice, even in the middle of the year. So don’t miss out on this rare opportunity to protect your business from fire and theft at a generous 100% tax deduction.