You’ve met the partner of your dreams and now you’re flipping through bridal magazines preparing for the big day. You’ll need a white dress, a venue for the ceremony and the reception, to pick a bridesmaid and best man… and you can’t forget about the honeymoon! But are wedding expenses tax deductible?
There are so many considerations and details to plan for your wedding day it may seem somewhat overwhelming. Most likely your taxes will be the last thing on your mind when you say ‘I do’. There is, however, a lot to think about even before the ceremony. Many Brides-and-Grooms-to-be are making efforts to reduce the cost of their weddings. Some are turning to DIY weddings or just going with civil ceremonies, especially now that the tradition of the bride’s parents flipping the bill is nearly extinct.
Although these are great ideas for reducing the expense. It’s also possible to reduce wedding costs through taxes. Believe it or not, some wedding expenses are tax deductible or you could make them tax deductible with the right tax-savvy moves. Donations and business transactions are the two main ways to turn wedding expenses into write-offs and here we’ll highlight both of them.
- Donations Donations are key if you want to turn some of the high-cost items from your big day into tax deductions. Once the wedding is over you can donate your wedding dress to charity and your flowers to a nursing home. Given the cost of these wedding essentials, these donations can make for a pretty good write-off and potentially help someone in need.[space size=”5″]
- You could get another potential write-off though your ceremony or reception venue if you choose to have them at a church, other religious place, a historical property, or a museum. If you’re a member of a religious organization, find out whether members that make a certain minimum in donations can get their ceremony for free and then you can up your donation to that amount.[space size=”5″]
- You could even potentially purchase any items or equipment that the institution might need for the ceremony as donations (another write-off!) Make sure to check with whatever site or venue you use to find out about the possibility of writing off their fees as donations.[space size=”5″]
- If you’d like to be really extreme, you could also turn your wedding favors into write-offs. Instead of giving out throw-away items, you could let every guest choose a charity of the guests’ choosing.[space size=”5″]
- Business, Business, Business. Another way to reduce the cost of an important wedding necessity is to make your honeymoon a business trip. This may not be popular with your significant other unless he or she is financially thrifty, but if you can make a valid claim for why you needed to take a business trip to the Caribbean immediately after you said your vows then you could potentially write some of the expense off. If you’re going to take this route, make sure to actually conduct business and keep logs of all your business transactions and appointments along with receipts. If you’re audited, it would be best to have as much legitimate evidence as possible to keep the IRS from ruining your honeymoon memories with penalties and fees.
If you’re going to use any of these to save money on your taxes, please remember that the most important thing with these and any potential tax write-offs is to document everything and keep the receipts. There’s no point in doing all of this if you don’t keep records. And remember, enjoy your big day. After all, you’re getting married.
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