What is the meaning of write off
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Need even more definitions? Words what is the meaning of write off "write" in most I. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. Click on the thesaurus category heading under the button in an entry to see the synonyms and related words for that meaning. Banking[ edit ] Similarly, banks write off bad debt that is declared non collectable such as a loan on a defunct business, or a credit card due that is in defaultremoving it from their balance sheets. Negative write-offs can sometimes be seen as fraudulent activity if those who overpay a claim or bill are not informed that they have overpaid and are not given any chance to reconcile their overpayment or be refunded. Credits Credits are sometime confused with deductions and write-offs, and although they lower your tax liability, they work here differently. Standard Deductions, Itemized Deductions and Write-Offs Not every deduction is considered a write-off.