Source : Webster's Revised Unabridged Dictionary (1913)

Offset \Off"set`\, n. [Off + set. Cf. {Set-off}.]
   In general, that which is set off, from, before, or against,
   something; as:

   1. (Bot.) A short prostrate shoot, which takes root and
      produces a tuft of leaves, etc. See Illust. of
      {Houseleek}.

   2. A sum, account, or value set off against another sum or
      account, as an equivalent; hence, anything which is given
      in exchange or retaliation; a set-off.

   3. A spur from a range of hills or mountains.

   4. (Arch.) A horizontal ledge on the face of a wall, formed
      by a diminution of its thickness, or by the weathering or
      upper surface of a part built out from it; -- called also
      {set-off}.

   5. (Surv.) A short distance measured at right angles from a
      line actually run to some point in an irregular boundary,
      or to some object.

   6. (Mech.) An abrupt bend in an object, as a rod, by which
      one part is turned aside out of line, but nearly parallel,
      with the rest; the part thus bent aside.

   7. (Print.) A more or less distinct transfer of a printed
      page or picture to the opposite page, when the pages are
      pressed together before the ink is dry or when it is poor.

   {Offset staff} (Surv.), a rod, usually ten links long, used
      in measuring offsets.

Offset \Off*set"\, v. t. [imp. & p. p. {Offset}; p. pr. & vb. n.
   {Offsetting}.]
   1. To set off; to place over against; to balance; as, to
      offset one account or charge against another.

   2. To form an offset in, as in a wall, rod, pipe, etc.

Offset \Off*set"\, v. t. [imp. & p. p. {Offset}; p. pr. & vb. n.
   {Offsetting}.]
   1. To set off; to place over against; to balance; as, to
      offset one account or charge against another.

   2. To form an offset in, as in a wall, rod, pipe, etc.

Offset \Off"set\, v. i. (Printing)
   To make an offset.

Source : WordNet®

offset
     n 1: the time at which something is supposed to begin; "they got
          an early start"; "she knew from the get-go that he was
          the man for her" [syn: {beginning}, {commencement}, {first},
           {outset}, {get-go}, {start}, {kickoff}, {starting time},
           {showtime}] [ant: {middle}, {end}]
     2: a compensating equivalent [syn: {counterbalance}]
     3: a horizontal branch from the base of plant that produces new
        plants from buds at its tips [syn: {stolon}, {runner}]
     4: a natural consequence of development [syn: {outgrowth}, {branch},
         {offshoot}]
     5: a plate makes an inked impression on a rubber-blanketed
        cylinder, which in turn transfers it to the paper [syn: {offset
        printing}]
     6: structure where a wall or building narrows abruptly [syn: {set-back},
         {setoff}]
     [also: {offsetting}]

offset
     v 1: compensate for or counterbalance; "offset deposits and
          withdrawals" [syn: {countervail}]
     2: make up for; "His skills offset his opponent's superior
        strength" [syn: {cancel}, {set off}]
     3: cause (printed matter) to transfer or smear onto another
        surface
     4: create an offset in; "offset a wall"
     5: produce by offset printing; "offset the conference
        proceedings"
     [also: {offsetting}]