FAQ - What is a Write-Off?

Kramer's Advice to Seinfeld (YouTube)

Seriously, what is a write off?

Any money you spend to earn income from your business is a "write off" or expense that you can deduct against the Revenue earned in the business.

There are two exceptions to this general rule:

  • Capital assets are expensed, "written off", over time.
  • Personal expenditures are not business expenses and cannot be "written off" by the company. Expenditures on personal items like a vehicles or house office can be expensed based on the share of business use of the item. The personal share cannot be "written off".

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