Tis’ the season for weddings. 30% of all U.S. Weddings take place between May and August. Just tied the knot? Congratulations! We may not have the fancy wrapped 4-slice-toaster you’ve always dreamed of, but we have the best gift all—tax tips! After spending at least 20,000 on your wedding, it wouldn’t hurt to find ways to save. Here are some great tax deductions you may be eligible for.
The Venue: If you hold your wedding or reception in a museum, historical garden, public owned park, or historic house it may be tax deductible. Typically these types of venues are owned by a non-profit organization and the rental fees go towards the upkeep of the venue and can be considered a donation. Check with your venue to learn more about how your rental fee will be used.
The Gown: Instead of letting your gown hang in a plastic bag for 50 years, consider donating it to a charity such as Making Memories, the I Do Foundation, or Brides against Breast Cancer. Not only will you be able to deduct the cost of your gown from your taxes, you can experience the warm and fuzzes that come from making someone else happy.
Wedding Favors: Do away with the bedazzled robes and koozies and make a charitable contribution on behalf of your wedding party. We all know how much you want that 4-slice-toaster, but www.changingthepresent.org allows you to make a registry of charities you will like to your guest to make donations to in lieu of traditional gifts. You may deduct the donation on your taxes.
Flowers and Food: After your wedding, do you no longer have a use of thousands of flowers? Donate those flowers to a local nursing home or women’s shelter. You’ll bring a little sunshine to someone’s day while deducting the cost of the flowers on your taxes. Don’t forget about the food. If you have any food left over donate to a local homeless shelter and you may deduct the value of the leftover food.