Let’s say that 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?
Let’s say that 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?
you can’t just write off anything you want. You only get to write off certain things, but at the end of the day, a tax write off is just a tax deduction for how much you need to pay, in the same way any normal person paying their taxes does. Just like with personal taxes, you can just reduce your tax liability down to 0 if you get enough deductions.
Corporations obviously work differently than for a normal person, but the same basic principle applies.