Your nuptials may be tax deductible.
No matter the budget, the final tally for wedding costs is usually more than what couples anticipate. While these large events can certainly add up, what many people don’t know is that some of your wedding-related purchases can be tax deductible.
If you got married last year and are waiting until the last minute to file your taxes, check out the five deductions, below, that you may be eligible for:
1. The Venue
If you and your spouse-to-be are getting married or having your reception at a historical garden, museum, or even a state or national park, the fee you pay for the space may be tax deductible as a donation. Or, if you choose to get married in a church and you’re paying a ceremony fee, it may also be tax deductible. If not, ask if they will waive ceremony fees for members who donate at a certain level. It may be worth increasing your donations for the year to get a triple benefit: a fee waiver, a tax write-off, and positive vibes for donating to a good cause.
If you have flowers and/or decorations left over after you tie the knot, have a friend or family member take the flowers to a homeless shelter, women’s center, or similar non-profit organization. Don’t forget to grab a receipt, so you can take a deduction for the value of the items donated.
3. Wedding Dress
Even if your bridal gown was one of the biggest line items in your budget, you may want to consider donating it to a non-profit organization, such as Making Memories or Brides Against Breast Cancer, to help others enjoy their special day in style. If you had a huge bridal party, encourage your bridesmaids and flower girls to do the same!
4. Wedding Favors
Instead of soon-forgotten trinkets branded with your wedding hashtag, make a donation to a charity on behalf of everyone in your wedding and your guests, and you’ll be helping others while garnering yourself a tax deduction. In order to include your wedding party and guests in the decision, have them vote or ask them for suggestions regarding the charity you donate to.
5. Gift Registry
Explore a wedding gift registry such as IDoFoundation.org that offers to donate a percentage of gift purchases to your favorite charity. You can gather charitable rebates with wedding purchases through the foundation and even create a charity registry where guests can also donate to celebrate your special day.
While wedding planning can be hectic, don’t forget to track your wedding write-offs along with your overall budget. By keeping all of your receipts and contracts, you’ll be able to claim your deductions, boost your tax refund, and have extra funds to toast your wedded bliss and tuck away for your next big life moment, such as a down payment on your first home together.
If you need assistance, TurboTax ItsDeductible will help you accurately value and track your charitable donations, making it easy for the information to be transferred to your TurboTax return.
Are you wondering if you qualify for these deductions? If you file your taxes with TurboTax, you will be asked simple questions related to your big day. From there, you’ll be given the tax deductions and credits you’re eligible for based on your answers. If you’re still unsure, you can connect live to a CPA with TurboTax Live to get your tax questions answered. They can even review, sign, and file your tax return, if needed.
Getting married is one of life’s biggest milestones, so you and your spouse should be able to reap all of the tax benefits for your big day!