write-off

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Related to write-offs: Tax Write-Offs

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 ?
Neil Hodson, managing director for HPI explains: "The real risk with buying a write-off is paying good money for a vehicle that's been badly repaired and is a danger to drive, or worst still, should probably never have been put back on the UK roads in the first place.
Instead, it was a case of write-offs which directly benefited hundreds.
Declining write-offs, growing card originations and the stabilizing of card balances are a precursor to balance increases, which can help to return the banks to profitability in this lending sector," said Michael Koukounas, Senior Vice President of Special Client Services for Equifax.
The mean can be compared to the benchmark figure of one to two years to determine whether a firm's allowance for doubtful accounts balance is reasonable in relation to subsequent write-offs.
The AA therefore advises buyers of rebuilt write-offs to check their insurance before paying for the car, or they risk ending up with an uninsurable car that can't go on the road.
This categorization would be relevant if the receivables write-off was due to a one-time, unforeseeable event.
Other revised write-off plans include 500 billion yen by the Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking Corp.
We need to create a scheme to ensure (the outright write-off of bad loans) keeps going,'' FSA Commissioner Shoji Mori told reporters.
One view of write-offs of asset impairments is that management uses the accounting rules and manipulates earnings either by not recognizing impairment when it has occurred or by recognizing it only when it is advantageous to do so.
However, you won't be allowed any write-offs if your home office is not your principal place of business.
But because Union Pacific had already used other tax breaks to reduce its tax rate to around 1 percent, these extra write-offs were all but worthless to it.
Separate results that are adjusted for the write-offs will also be reported.