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- DictionaryWrite-off/ˈrīdˌôf/
noun
- 1. a cancellation from an account of a bad debt or worthless asset.
- 2. a worthless or ineffectual person or thing: "she burns the toast and decides the weekend is a write-off"
1. : to eliminate (an asset) from the books : enter as a loss or expense. write off a bad loan. 2. : to regard or concede to be lost. most were content to write off 1979 and look optimistically ahead Money. also : dismiss. was written off as an expatriate highbrow Brendan Gill.
Jul 24, 2024 · A write-off is a business accounting expense that accounts for unreceived payments or losses. A write-off reduces taxable income on a company's income statement.
Mar 21, 2023 · A write-off is a business accounting expense that is reported for unreceived payments or losses from assets. Here’s how and when write-offs are commonly done.
May 13, 2024 · In a nutshell, a tax-write off is a legitimate expense that lowers your taxable income on your tax return. A tax write-off is commonly referred to as a tax deduction. Ultimately, the IRS determines what expenses can be considered a legitimate write-off.
In accounting, a write-off happens when an asset’s value is eliminated from the books. This happens when an asset can’t be turned into cash, doesn’t have market value, or isn’t useful to a business anymore, according to Accounting Tools.
to accept that an amount of money has been lost or that a debt will not be paid: The World Bank is being urged to write off debts from developing countries. to be able to use the cost of something you have bought to reduce the amount of tax you owe: You might be able to write off the car as a business expense.
In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900.
Write-off definition: a cancellation from the accounts as a loss.. See examples of WRITE-OFF used in a sentence.
to accept that an amount of money has been lost or that a debt will not be paid: The World Bank is being urged to write off debts from developing countries. to be able to use the cost of something you have bought to reduce the amount of tax you owe: You might be able to write off the car as a business expense.
Jan 11, 2023 · A tax write-off (an unofficial term for a tax deduction) is a business expense that the IRS allows you to deduct from your business’ profit when filing federal taxes. Writing off an expense means you lower your overall taxable income — which may mean you’ll recoup some of the cost of those expenses in your tax return.
