{"id":1150,"date":"2020-06-12T19:35:17","date_gmt":"2020-06-12T19:35:17","guid":{"rendered":"https:\/\/www.wmfireprotection.com\/blog\/?p=1150"},"modified":"2020-06-12T19:35:18","modified_gmt":"2020-06-12T19:35:18","slug":"the-cares-act-provides-cash-savings-on-life-safety-systems","status":"publish","type":"post","link":"https:\/\/www.wmfireprotection.com\/blog\/the-cares-act-provides-cash-savings-on-life-safety-systems\/","title":{"rendered":"The CARES Act Provides Cash Savings on Life Safety Systems"},"content":{"rendered":"\n<p>When the coronavirus pandemic hit the United States, the federal government passed the CARES Act to help businesses who were impacted. The Coronavirus Aid, Relief and Economic Security Act was passed in March of 2020. Section 168 of the CARES Act gives businesses accelerated tax savings on \u201cqualified improvements\u201d to their business properties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Tax Savings on Life Safety Systems<\/strong><\/h2>\n\n\n\n<p>Section 168 of the CARES Act applies to commercial properties only. Life safety upgrades eligible for the savings include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Fire sprinkler systems<\/li><li>Fire alarm systems<\/li><li>Special hazard systems<\/li><li>Security systems<\/li><\/ul>\n\n\n\n<p>The cost of upgrading these life safety systems can be fully deducted as a business expense if placed into service before the end of 2020.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>First Year Cash Savings<\/strong><\/h3>\n\n\n\n<p>Normally, businesses must spread out their deductions over 39 years. Under the CARES Act, you can deduct the full equipment and labor cost during the first year. This gives businesses accelerated cash savings during this time of economic hardship. These tax savings can be retroactive to any life safety upgrades performed after January 1, 2018.<\/p>\n\n\n\n<p>Unlike the Tax Cuts and Jobs Act, there are no maximum purchase amounts, making large commercial properties, such as high rises, eligible for the tax savings.<\/p>\n\n\n\n<p>Please consult your tax professional before making upgrades that could affect your commercial tax situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>W&amp;M Fire Protection Provides Life Safety Upgrades<\/strong><\/h3>\n\n\n\n<p>At W&amp;M Fire Protection, we want you to receive the full benefit of the CARES Act. We can provide life safety system upgrades in your commercial properties. Whether you have a fire sprinkler, alarm, special hazard or security system, we have you covered. Don\u2019t wait to protect lives and property, get your systems upgraded now and take advantage of the tax savings provided by the CARES Act. Contact W&amp;M Fire Protection today to learn more.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Learn more about the CARES Act &amp; Life Safety System Tax Benefits here:<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-national-fire-sprinkler-association\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/nfsa.org\/2020\/06\/02\/the-cares-act-delivers-new-fire-sprinkler-tax-incentives\/\n<\/div><\/figure>\n\n\n\n<p><a href=\"https:\/\/home.treasury.gov\/policy-issues\/cares\/\">https:\/\/home.treasury.gov\/policy-issues\/cares\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the coronavirus pandemic hit the United States, the federal government passed the CARES Act to help businesses who were impacted. The Coronavirus Aid, Relief and Economic Security Act was passed in March of 2020. Section 168 of the CARES&hellip; <a href=\"https:\/\/www.wmfireprotection.com\/blog\/the-cares-act-provides-cash-savings-on-life-safety-systems\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1150","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CARES Act Fire Sprinkler Tax Benefits \u2502 W&amp;M Fire Protection<\/title>\n<meta name=\"description\" content=\"The CARES Act provides cash savings to commercial properties that are upgrading their life safety systems. Read this blog from W&amp;M to learn more!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wmfireprotection.com\/blog\/the-cares-act-provides-cash-savings-on-life-safety-systems\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CARES Act Fire Sprinkler Tax Benefits \u2502 W&amp;M Fire Protection\" \/>\n<meta property=\"og:description\" content=\"The CARES Act provides cash savings to commercial properties that are upgrading their life safety systems. 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