👉 Writeoffs are a financial accounting concept in which an entity reduces its net income or loss by subtracting expenses that it has written off. This reduction is often made to reduce the overall tax liability of the entity and prepare for potential adjustments in future years. For example, if a company had a net income of $10 million in 2023, but ended up paying taxes at 45% of their profits, they would likely write off some of the expenses that were not deductible
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What is the definition of Writeoff? 🙋
👉 A write-off is a financial transaction in which an entity sells assets for cash instead of using them to service liabilities. This can be done when there are insufficient funds available to pay off debts, or when the asset is no longer economically viable. The purpose of writing off assets is to reduce the amount of debt owed and improve the company's financial position. Write-offs can be made in the following ways: by selling off assets at a loss; by selling off non-operating assets; by selling off
