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Related to write-offs: Tax Write-Offs


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


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.


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 ?
A category N write-off that has had cosmetic damage repaired will generally be worth around 25 per cent less than a similar vehicle with a clear history.
While the size, timing, and lack of disclosure regarding write-offs is concerning, the results are not terribly surprising.
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.
But category A or B write-off is a vehicle that should have been crushed and never returned to the road.
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.
At least one analyst ignored this non-cash write-off as, effectively, irrelevant -- but the financial statement footnote proved prescient:
intends to sharply increase the planned amount of write-offs from 400 billion yen.
It is not like there have been few direct write-offs until now,'' he said.
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.
The charge consists of write-offs of leasehold improvements and assets of $326,000; write-off of goodwill of $69,000; accrual for lease obligations of $1.