There is now a new tax law in place that will encourage businesses to invest in a security system if they haven’t already. This is great because it is so important to protect your business from any possible danger and you want to have the best methods in place to do so. Here’s how the new tax laws will benefit your business security system.
It has always been allowed for businesses to depreciate the costs of their business equipment over time. This allows them to collect money over the years as the value of their equipment declines. Before, security systems fell into a different category which didn’t qualify them to be included in the deductions. Now, they do qualify, and businesses are able to deduct the costs for this equipment as well. This includes everything from the actual video cameras to window locks and motion detectors.
The old tax law gave businesses a limit of $500,000 to deduct in costs for equipment in that first year it was placed in service. They have doubled that and are allowing up to $1 million in purchases to be deducted. Instead of having to carry out this process over the years, businesses can now write off the full cost of their security system equipment for the tax year that it was placed in service. This allows businesses to get more money back at one time rather than having to space it out.
Accelerated depreciation is used by a lot of businesses to get their money back faster. For those who don’t want to write off the full amount at one time, it allows them to deduct more costs in the first couple of years and then they receive a smaller write-off later. The new tax law has temporarily extended accelerated depreciation to 100%. This allows for the up-front cost of a security system and other equipment to be significantly reduced because you can deduct the depreciation costs all at once.
S3 Integration For All Your Security Needs
S3 Integration is business for your network and security needs. Offering integrated security management systems, life safety systems and IT solutions and services, S3 can design solutions to keep your people, your property, and your visitors safe. Through our Professional Security Alliance national network, we have over 300 branch locations with approximately 6,000 security professionals trained and ready to serve you. S3I has the unique ability to combine the manpower of a large national company with the service and commitment of a small privately-owned business. Contact S3 Integration today, or find us on Facebook, Twitter, and LinkedIn.