From the Tax Foundation - Tax Policy Blog

"Just Write It Off": "

Any of you following business news recently knows about the companies currently taking 'write offs' as a result of a change in the tax treatment of certain drug benefits provided by companies to retirees that came as a result of the health care bill.

This, along with the fact that many right now are filing their taxes in search of any write off, reminded me of this great Seinfeld moment (Youtube link):

(Jerry opens his package)

Jerry: Is this my stereo?

(Kramer walks in)

Kramer: Hey you got it.

Jerry: What happened to my stereo? It's all smashed up.

Kramer: That's right. Now it looks like it was broken during shipping and I insured it for $400.

Jerry: But you were supposed to get me a refund.

Kramer: You can't get a refund . Your warranty expired two years ago.

Jerry: So we're going to make the Post Office pay for my new stereo?

Kramer: It's just a write off for them.

Jerry How is it a write off?

Kramer: They just write it off.

Jerry: Write it off what?

Kramer : Jerry all these big companies they write off everything.

Jerry : You don't even know what a write off is.

Kramer: Do you?

Jerry: No. I don't.

Kramer: But they do and they are the ones writing it off.

(As Kramer walks out)

Jerry: I wish I just had the last twenty seconds of my life back."