offsetoff·set1 /ˈɒfset, ˌɒfˈsetˈɒːfset, ˌɒːfˈset/ verb (past tensepst and past participlepp offset, present participle offsetting) [transitiveT]ACCOUNTING if something such as a cost or sum of money offsets another cost etc, it has the effect of reducing or balancing it, so that the situation remains the sameHe expects the fourth quarter to be profitable, though not profitable enough to offset losses earlier in the year.
The cost of the flight was offset by the cheapness of the hotel.
offset something against somethingHe was able to offset his travel expenses against tax.