I have this one movie that is finished that I spent 80 million to make. I decided to “write it off”. So when I get to pay my taxes, do I get a 80 million discount?
If you write off 80 mil you’re basically saying that you lost 80 million on an investment.
So let’s say a different movie you made makes 80 million, and this one lost 80 million, you basically made zero money and shouldn’t have to pay taxes.
BartyDeCanter@lemmy.sdf.org 9 months ago
A write off is a colloquialism that refers to reducing your effective taxed income. A more realistic example would be, let’s say you make $250k, but you’re self employed and spent $50k on business expenses like a car and office space. Then you can write off that $50k and only pay taxes like you made $200k.