Getting married is often said to be a sure way to pay lower taxes. While this is not always true, newlyweds can have a leaner tax return by writing off certain wedding expenses. In particular, couples owning or managing charitable organizations or who paid for nonprofit venues have solid cases for tax deductions. Talk about good deeds getting rewarded! Whether you’ve just had a wedding or are planning for one, you are undoubtedly looking to save a few bucks in taxes.
So in this post, we will cover some of the wedding expenses that could potentially be tax deductible:
Donating Your Wedding Dress
If you’ve already worn your wedding dress and no longer plan to use it, consider donating it to an organization that collects gently used gowns for those in need. Not only will you be able to get rid of a dress that you may no longer need, but you’ll also be able to do some good in the process.
Donating to Your Event Venue(s)
If you hold your wedding ceremony at a house of worship, you may be able to deduct the ceremony fee or suggested donation from your tax returns. However, for the deduction to be approved, the venue must meet a tax-exempt organization’s specifications. Suppose you are a registered member who regularly donated to your house of worship. In that case, you can talk to the officiant or site manager about the possibility of a waiver on your ceremony fee.
Generally, site fees for all wedding or reception events at nonprofit venues such as gardens, museums, national parks, and historic buildings qualify for a tax deduction. However, to be on the safe side, you should check the tax position of your venue and the site managers early on in the wedding planning process.
Donating Your Wedding Flowers (or Other Décor)
While wedding flowers are beautiful and present the perfect backdrops to weddings, they don’t last forever. But instead of throwing away your flowers after the wedding, consider donating them to a local homeless shelter, nursing home, or hospital. You can also extend their lifespans by donating to organizations that repurpose wedding flowers, like Forget Me Knot and Repeat Roses. If you have any new centerpieces, candles, or other décorative items, consider donating those as well. To approve your tax breaks, ensure you only contribute to nonprofit organizations.
Donating Surplus Food
If you have leftover food and drinks, consider donating to a homeless shelter or food bank. Apart from this being the right thing to do, it can also be a cost-saver for you as you claim a tax deduction for the value of the food. As a rule of thumb, the organization you donate to must be a 501(c)(3) nonprofit, and you should make prior arrangements with them to ensure that they can accept your donation. It’s essential to keep track of your receipts and contracts when making charitable donations. In addition, you must provide adequate and credible documentation of your donations to claim tax deductions.
Additionally, you may need to itemize your deductions to claim charitable donations on your tax return. As such, it is essential to consult a tax professional or refer to IRS guidelines to ensure you can claim a tax deduction for your wedding-related donations.
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