Write-Off
/ˈraɪtˌɔf/
Definitions
- (n.) An accounting action recognizing that a debt or asset has no value and is removed from the books.
The company took a write-off on the unpaid loan after months of nonpayment.
- (n.) A tax deduction allowed for an expense deemed necessary and ordinary in business.
The lawyer claimed a write-off for the office supplies purchased last month.
Forms
- write-off
- write-offs
Related terms
See also
Commentary
Commonly used in both accounting and tax law contexts; clarity in contracts is advised to specify whether 'write-off' refers to accounting treatment or tax deductions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.