Each one of us is looking forward for our ‘‘dream wedding,” but whether we admit it or not that ‘’dream wedding” could be really expensive. From the things needed to prepare like the dress, flowers, venue, the foods and beverages that can actually come up to U$30,000, we must not also forget to consider the taxes.
However, the cost of a wedding should not hold us back from pursuing that beautiful wedding that most women dreamed of. All we have to do is to plan well from the source of fund, cost considerations, wedding budget, guests list, setting, date and time, wedding style and most especially on how to maximize the tax deductibles that we can have. Being romantic is not always the key to achieve a ‘’dream wedding’’ but we must also be practical in planning on how to have the best one without compromising our budget. Hence, we provide you a list of things to consider to have a tax break on your wedding expenses.
If you choose to marry in the church or any place of worship, instead of paying for the ceremony you can consider it as a charitable donation as long as the church meets the requirements for a tax-exempt organization, your donation should be deductible.
When it’s time to choose your wedding venue or for the reception why not consider celebrating the event in a museum, historic houses, botanical garden, pension house etc. Tying the knot or conducting the reception in these places aside from being unique can also have some tax benefit. As long as they comply with the IRS requirements for the tax-exempt institution you should claim the deduction from any reservation fees or rental fees you paid.
Wedding Attires and Accessories
Some might be sentimental with the wedding dress and want to keep them in the closet but donating it for a good cause might be a better idea. There are numbers of the organization to choose from in case you decided to donate your wedding dress after the event. The Brides Project, that sells gown donated to their organization to finance cancer patients; Brides Across America, donates the gowns to military couples who find it difficult to plan to wed because of their deployment, financial hardship, and other reasons;Abby’s Closet, that redesign bride’s maid dresses into prom gown and formal dresses for financially clever girls. Just don’t forget to ask for a receipt that includes charity’s name & address and the estimated value of the dress for the tax deduction.
Decorations and Flowers
Like any other things in the wedding, we can also donate decorations, favors, flowers, candles, vases, candleholders, tablecloths and others to organizations like Goodwill, the Salvation Army, Random Acts of Flowers and Petals withPurpose that accepts donations.
One of the biggest expenses in a wedding are food, couples are usually shocked when they see the cost of their catering service and dealing with the leftover should be done with care. Instead of disposing these leftover foods you can talk to homeless shelters and another soup kitchen if they can take the leftover foods for charity purpose.
Making your wedding with a purpose would be fulfilling not only to save but also extend help to others. You can have your guests donate on your behalf to charities instead of giving gifts in this way, your wedding will be more than just an event and will be a memorable one.
Turn Your Wedding into a Charity
Dream wedding does not only mean enjoying gifts but celebrating your union with your loved ones with a purpose. You would also be given a chance to be a blessing to others and at the same time encouraging your guest to be one.
In order to claim your tax deductions, make sure that you get proper documentation and records of your expenses and donations to back up your future claims. You should also know what you can and cannot deduct, having a tax guru would be of great advantage but if you plan your wedding all by yourself then you can search the IRS website it may be time-consuming but it’s worth it if you get a bigger tax refund.
Kate Manning is an outreach community specialist for First Choice Finance. She loves to write about personal finance and the world that circulates around it. She loves cheap Italian wine, sunshine, eating copious amounts of carbs, running, writing, and music.