Tax Break: The TurboTax Blog » wedding

How Dates and Times Impact the Cost of Weddings[Infographic]

joshritchie — Thu, 05 Jul 2012 19:19:58 +0000

Summertime is a busy time for weddings and wedding planning. You have to think about the venue, band or DJ, photographer, florist, videographer, dress, cake, musicians, invitations, and more. But before you plan your nuptials, check out our infographic, which shows you how the time of month, day, and location can impact your wedding costs.

Interactive by Column Five

What are your wedding plans?

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My Big Fat Wedding Deductions

Elle Martinez — Mon, 14 May 2012 18:56:07 +0000

If you’re planning your wedding this year you may be amazed at how expensive it can be – the venue, the dress, the flowers, the guest list and so on. With some planning though, you can have the wedding you’ve wanted and cut costs on your wedding expenses. Depending on your situation you may also get to deduct some of your wedding costs.

Weddings

Charitable Donations

While it is your special day that you’ll never forget, have you thought of how you can make it a special day for others by donating? For many people, their wedding wardrobe, decorations, and other items are only used for one day and then packed away, sometimes forgotten in the attic. Why not see if you can part with a few of these dear items afterward and support worthy causes close to your heart?

Wedding Dress, Flowers, and Food

While you won’t get a tax deduction for buying your wedding dress, you can donate it and deduct it as a charitable contribution, provided it’s to a qualified organization. Make sure you keep all receipts and documentation for when you file your taxes. Please note, if the value of the items you’ve donated is more than $5,000 you must also get an appraisal.

If you think you may have plenty of food leftover from the reception, consider having someone take it over to a local homeless shelter. Ask them to get a receipt if possible. You could also donate the reception flowers to the shelter – it can brighten others’ day along with giving you a deduction.

Wedding Venue

Where you get married may mean that your venue payment could be tax deductible. Some possible locations to consider on your list of places to tour include your church, state park, or your local museum. Check with your venue to see if you qualify.

Thoughts on Weddings and Tax Breaks

Of course your wedding day planning shouldn’t just be focused on getting the most tax deductions you can; however it doesn’t hurt if you can do some good and get a tax break. Also, don’t forget if you give any generous donations, you can track them with ItsDeductible year round.

I’d love to hear your thoughts. How many of you are getting married this year? Have you decided on the venue, the dress, and the guest list yet? What tax deductions do you think you’ll qualify for?

6 Tax Write-Offs for Your Wedding

Ginita Wall, CPA, CFP® — Thu, 03 Mar 2011 22:56:25 +0000

Weddings are expensive, so it is too bad that they aren’t tax deductible. But wait – though tax write-offs may not be top-of-mind when you are planning your wedding, with careful planning there are some ways you can garner a tax deduction or two. Here are some ideas:

1. The church. If you are paying a ceremony fee, it may be tax deductible. If not, ask whether the church waives ceremony fees for members who donate at a certain level. It may be worth upping your donations for the year to get a triple benefit: a fee waiver, a tax write off, and a warm glow from donating to a good cause.

2. The venue. If you are having your reception or getting married at a historical garden, museum or homestead, or even a state or national park, the fee you pay may be deductible as a donation. Check with the site for more details.

3. Flowers and food. Once your wedding is over, have a friend take the leftover food and flowers to a homeless shelter, women’s center or similar non-profit organization. Not only will you have done a good deed, with a receipt, you’ll be able to take a deduction for the value of the items donated.

4. The gown. Donate your wedding gown to a non-profit organization such as Making Memories or the I Do Foundation, and you’ll help others enjoy their special day in style. The same goes for flower girl and bridesmaid dresses, as well as candles and other decorations that won’t spoil.

5. Wedding favors. Instead of soon-forgotten trinkets, 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. You might even let your wedding party choose the charities they treasure.

6. Gift registry. Create a wedding gift registry through the IDoFoundation.org and up to 10% of gift purchases will be donated to your favorite charity. You can harvest charitable rebates with wedding purchases through the foundation, and even create a charity registry where guests can donate to commemorate your special day.

Be sure to document these wedding write-offs with receipts and contracts, so you’ll have the backup available at tax time. Then you can claim your deductions, boost your tax refund, and have extra funds to toast your wedded bliss.