write-off

(redirected from Tax Write-Offs)
Also found in: Dictionary, Thesaurus, Encyclopedia.

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 ?
Real estate provides significant tax write-offs, builds equity, and contributes to additional monthly income.
Given that real estate acquisitions are financed up to 100% of value, and that real estate is afforded special treatment under the tax code with respect to debt-financed deductions, an exceptional opportunity exists in creating extraordinary tax write-offs with minimal cash investments.
They would allow many businesses to double their tax write-offs. They would reduce the capital-gains tax for businesses and individuals.
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.
He has a lot of income, is in the highest tax bracket, and has few tax write-offs. His parents have low income, are in the lowest tax bracket, and have some tax write-offs.
The vast amounts of money involved in tax write-offs give only a hint of the scale of these clandestine operations.
But Johnson thought he'd found a way out--a potential tax loophole that would allow the native corporations to sell their losses to profitable companies seeking tax write-offs. If Pillsbury needed a $10 million tax credit, it could just buy it for, say, $7 million or $8 million from a native corporation.