Write-Off

What does it mean?
To charge an asset amount to expense or loss in order to reduce the value of that asset and one's earnings.

In Other Words...
For example, if you spend money on dinner to take out a client, then that meal is a possible write off towards your income because it is assumed that you discussed business opportunities during the dinner. A computer would be another write-off, as long as its for business purposes.

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Related Terms
Taxable Gain | Write-Down

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