The term write-off describes a reduction in recognized value. In accounting terminology, it refers to recognition of the reduced or zero value of an asset. In income tax statements, it refers to a reduction of taxable income as recognition of certain expenses required to produce the income. Write-off's also used in vehicle insurance to describe a vehicle which's cheaper to replace than to repair, sometimes known as being "totaled" (a total write-off). Income tax In income tax calculation, a writ… (More on Write-off)