write-off

(redirected from tax write-off)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.

Write-off

Charging an asset amount to expense or loss, such as through the use of depreciation and amortization of assets.

Write-Off

A reduction in an individual's or a company's income as the result of an expense. For example, an unpayable credit sale may be a write-off for the creditor, especially if the debtor declares bankruptcy. The bankruptcy means that the debtor is unable to pay the debt, which results in a loss of income for the creditor. A write-off may usually be deducted from one's taxable income.

write-off

To take an asset entirely off the books because it no longer has any value.If an accrualbasis taxpayer has taken money into income when bills were sent out to customers,but then some of the bills became uncollectible, the taxpayer may write off the uncollectible ones as a deduction against income. Financial institutions are required to write off loans when they become delinquent by a certain amount.

References in periodicals archive ?
For computer donors, there's a tax write-off and the satisfaction of helping California emerge from the school technology cellar.
It was also being speculated, however, that HBO needed to broadcast "The Late Shift" before the year was up in order to use its production costs as a 1995 tax write-off.
Based on a preliminary review of the rate order, the company anticipates an after- tax write-off of approximately $2.
In calculating these non-IFRS financial measures, management excludes the following items, as applicable: employee stock-based compensation expense, amortization of intangible assets (excluding computer software), restructuring and other charges, net of recoveries (most significantly restructuring charges), the write-down of goodwill, intangible assets and property, plant and equipment, and gains or losses related to the repurchase of shares or debt, net of tax adjustments and significant deferred tax write-offs or recoveries associated with restructuring actions or restructured sites.
any adjustments (student loans, moving expenses), information on all household employees, any tax write-offs (such as mortgage payments), direct deposit and any foreign-bank account info, and any energy-saving purchases (for example, new kitchen appliances).
the Indian metalcasting industry benefits from support by its government, including tax deductions for research and development expenditures, government loans, loan guarantees and tax write-offs.
With a clean balance sheet, thanks to more than a million dollars in municipal tax write-offs in Sudbury and Sault Ste.
Sometimes those collectors keep the items, other times they sell or donate them to museums for tax write-offs.
A little-noticed provision in a corporate tax bill approved in the Congress would sharply limit donors' tax write-offs for car donations and other material gifts.
Nader: They're trying to use ANWR as a trade-off to obtain oil and gas tax write-offs.
Provide tax write-offs for tummy tucks and liposuction.
When Nixon got in trouble for taking huge illegal tax write-offs on the presidential papers he donated to the public, he said he got that idea from Johnson.