#Write-off April 28

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For the month of April several of us are taking on the “30-Day Conversation Coach4aday Challenge“. Today’s dialog is on a business or personal WRITE OFF for your taxes.

On Friday I was watching the news profile some of the taxable consequences that online gambling apps will have for players using those approved in North Carolina.

The story on WRAL pointed out that for State of NC tax purposes players could not deduct their losses. That is permissible up to the amount you may win for federal taxes. Anyone who wins $600 or more in 2024 on a gambling app will receive a W2-G in early 2025 informing them of their State of NC tax liability. No write off for losses in NC.

Cosmo Kramer’s savvy approach to write-offs won’t cut it when it comes to filing State of North Carolina tax returns in 2025, especially for those engaged in online sports betting.

April Conversation Challenge

The overarching aim for the 30-Day Conversation Coach4aday Challenge is to engage or to repeat conversations and disseminate them. Whether these conversations hold valuable lessons, shareable insights, or are simply a mishmash of thoughts, the goal remains to foster connection and potential learning experiences for all involved.

Rules of the Challenge

First brevity is the key. Second it is not necessary to fully identify the parties involved but writing it like a script might be helpful. Third the conversations being shared can come from personal experiences, books, films, TV shows, or are imaginations.

Do this daily for 30 Days posting on social media with the hashtag #Coach4adayChallenge

April 28th-Cosmo Kramer explains a Write Off

One of Seinfeld’s standout episodes was titled “The Package,” featuring a flurry of plots packed into 30 minutes, including a memorable exchange between Jerry and Kramer. In this scenario, Kramer vowed to secure a refund for Jerry’s broken stereo, despite its warranty having expired two years prior. Kramer’s entrepreneurial spirit sparked as he brainstormed creative ways to secure Jerry’s refund.

Here is the dialog:

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 were 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 .