write-off

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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 ?
"Obviously our organization would be hurt if that (tax write-offs) is the only reason why people give," she said.
Jack Reed, D-R.I., and Chuck Grassley, R-Iowa, introduced bipartisan legislation Monday to rescind tax write-offs for illegal corporate behavior.
Sometimes those collectors keep the items, other times they sell or donate them to museums for tax write-offs. The trade in these goods is so brisk and seemingly reputable that it's sometimes difficult for museums to figure out where an artifact came from.
charities that rely on donations of cars from owners seeking 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.
Finnish information technology lobby groups TTK and the Finnish Federation for Communications and Teleinformatics (FiCom) have reportedly suggested that the government allow tax write-offs on computer and Internet account expenses.
The MIC allows a wide range of businesses $350 million to $450 million in tax write-offs each year, the CMTA estimates.
The other part--"operations"--has all the accumulated tax write-offs. So, says, MCI, finance has cancellation-of-debt income but no future tax deductions to lose, while operations has lots of tax write-offs but no cancellation-of-debt income.
Nader: They're trying to use ANWR as a trade-off to obtain oil and gas tax write-offs. It's incredible the claims they're making about the energy shortage, but the press won't buy it.
Provide tax write-offs for tummy tucks and liposuction.
James Dobson, the right,wing leader of Focus on the Family, in his book Children at Risk, promotes the idea of a "civil war" and says, "Bloody battles are being fought on a thousand fronts both inside and outside the government." The funding for this war comes largely from private foundations started by wealthy families and from corporations able to get tax write-offs for their contributions.
"You can get some tax write-offs, and you're not spending your own money to pay rent for somebody else's office space."