2 : tax write-off write off 2 of 2 transitive verb 1 : to eliminate (an asset) from the books : enter as a loss or expense write off a bad loan 2 : to use as a deduction in calculating taxable income write off the cost as a business expense More...
sketch an outline." German still retains this meaning in its cognate verbreissen,"to tear." Only Old English employedwrītanto refer to writing—that is, scratching on parchment with a pen. English shows a similar contrariness in its verbread,being almost the only western European language not...
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The inverse of this example is the customer or business that has its debt written off. Depending on the debt and the state, this customer may or may not legally owe the business still. If the debt has been forgiven, the customer can then write-off the liability on his books because the...
An inventory write-off is a financial action businesses take when their merchandise loses value or becomes unsellable. When a company realizes it can no longer sell some of its inventory at its intended price, they write it off, meaning they acknowledge it as a loss in the financial records....
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Thehyphenatedwrite-offis anounmeaning (1)a cancellation of an item from account books, or (2)a reduction of taxable income in recognition of an expense. In all other senses,write offis a two-wordphrasal verb, with no hyphen. A write-off is something you write off. ...
Secondly, the "write-off" creates tax savings for asset owners. These actions reduce tax liability by creating (non-cash) expenses that result in lower reported income. Broader Meaning of Write Off Note by the way that the term is also used informally and more broadly to mean "worthless."...
Writing an asset off in business is the same as claiming that it no longer serves a purpose and has no future value. The business is effectively declaring that the value of the asset is now zero. Once an asset has been written off in this manner, this valuation is permanent. Old equ...