A writeoff is a cancellation of an item, or something which is now worthless, such as a car after an accident.

Yes, there is a couple new options for donating your car for a tax writeoff. For example, you can donate your car to the veterans and they will even come and pick it up from you and you get to write it off.

Accounts Payable

Cash/Bank/Goods etc

That will depend greatly on how much you could write off and compare that to how much money you could make by using the money for some other type of investment. You should see a CPA or a financial planner about to analyze the numbers for you.

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