An example of a write-off is deducting the value of an asset from the balance sheet of a company.
- a. A cancellation of a worthless asset from a balance sheet.b. The amount canceled or lost.
- A downward adjustment in earnings or in the value of an asset on account of a loss or expense: a tax write-off for business expenses.
- Alternative spelling of write-off.
- This form is about as common as "write-off" in usage as a noun.
- (accounting) To reduce an asset's book value to zero
- (accounting) To record an expenditure as an expense.
- (accounting) To remove a portion of a debt or an amount of an account owed to you counting it as a loss (as a gesture of goodwill for example)
- (accounting) To record a notional expense such as amortization or depreciation.
- Figuratively, to assign a low value to something.
- When Katya was injured, he wrote off the team's chances in the finals.
write-off - Investment & Finance Definition
To charge an expense or a loss against an asset, thereby reducing its value as listed on the company’s balance sheet. Write-offs are taken for the depreciation of a physical asset or the amortization of a non-physical asset. A common write-off is for accounts receivable to reflect the fact that some customers aren’t likely to pay their bills. Write-offs are charged against net income during the period they are incurred.
- Donating is free, and you get a tax write-off!
- Besides, teachers have been paying for their own supplies and training for years, so paying for the class is probably the least of your worries, and it might make a good write-off at tax time.
- Be sure that you keep up with everything that you are allowed to write-off so that you don't end up with a higher income tax bill than necessary.
- The usual procedure before the changes in the new law was to write-off any preference claim and eat the expense.