If you’re curious about what wedding expenses are tax deductible, consider three wedding expenses. We’ll also discuss what you can write off on taxes as a married couple and if a marriage license is tax deductible.
And speaking of taxes, are you also attending another friend or relative’s wedding? You should know about are wedding gifts taxable to learn more about the gift tax.
What Wedding Expenses Are Tax Deductible?
Donation to venue
One of the wedding costs that are tax deductible is if you donate to the venue. This is because the venue might meet the tax-exempt guidelines of the IRS, such as with churches and other non-profit sites.
For example, you can voluntarily donate to the venue instead if they do not charge a fee for your use of the place. Another example is if your wedding venue is registered as a tax-exempt organization.
Besides churches, you might also do your wedding at your hometown’s museum or national park. But of course, remember that you can’t deduct the tax if you’re paying a fee for the officiant in the venue.
Wedding dress, flowers, and decoration donations
Besides donating to the venue for a tax-deductible wedding, did you know that some wedding elements part of the wedding expenses can be used for tax deduction? For example, you might be donating your wedding dress.
Brides can choose to donate their wedding gowns to charities. It can also be other wedding wardrobes like the outfits of the bridesmaids.
And, of course, you can check with non-profits as they might have a use for your wedding floral arrangements and decorations like centerpieces and vases. These donations are also tax-deductible, and you’ll be helping those who need them.
Excess food donation
Even food items can be counted as tax-deductible from your marriage ceremony expenses. It’s common for weddings to have excess food, especially if the reception has many guests.
The couple likely selected a catering option for many people, so leftovers are inevitable. Consider donating your leftover wedding food to a charity that will accept it.
For example, your local homeless shelter might receive your leftover meals, which can be qualified as deductible expenses. If you have excess food items from catering your own wedding, you can read about the guidance on tax deductions for food donation.
What Can A Married Couple Write Off On Taxes?
Besides having a tax-deductible wedding by knowing what wedding expenses are tax deductible, what are the tax deductions once you’re married? Consider taking advantage of the marriage bonus when you file jointly.
Remember that the tax rates are lower when you file jointly, and you can claim more tax deductions and credits. To understand deducting better, you should also claim itemized deductions as a married couple.
You can have tax deductions on property taxes, home mortgage interest, medical expenses, and charitable contributions. There are also educational tax benefits and credits like Earned Income Tax Credit.
Are you stressed with managing expenses before and after marriage? Besides educating yourself with taxes, read how to save for a wedding and a house.
Can You Write Off A Wedding Ring?
Is the wedding ring tax deductible? Unfortunately, even though purchasing the ring is likely expensive, it’s not included in the wedding tax deductions.
The wedding band is a personal expense, so you can’t write it off on your personal income taxes. However, donating the ring to a charity will be a charitable contribution.
You deduct the wedding ring from your tax liabilities if the organization can liquidate or use the ring. If the charity can’t use your donation, then the ring is not tax deductible.
Another way to maximize your tax deduction is if you get your ring appraised. It will depend on the ring’s value and how long you’ve held it, so you can deduct the ring’s purchase price after donating it to a charity.
Alternatively, if you’ve had the ring for more than a year, you can claim the appraised value of the donation. And of course, keep in mind that if the ring’s value is more than 50% of your gross income for the year, you can only deduct the value equal to 50% of your adjusted gross income, minus the value of your other charitable contributions claimed for the same tax year.
Is A Marriage License Tax Deductible?
After being married, be aware of the marriage penalties and bonuses. A marriage penalty is possible if the couple pays more income tax filing than they would if they were filed as individuals.
On the other hand, the married couple will receive a marriage bonus if they pay less tax filing together than they would if they were single. If one spouse earns the income, the couple will rarely incur a marriage penalty because joint filing shifts that person’s higher income into the lower tax bracket.
What Are The Tax Benefits Of Marriage?
There are many tax changes after marriage, but the benefits include a larger deduction for donating, the ability to give an unlimited gift of property or cash free of gift taxes, and deferring the distributions longer for inheriting an IRA.
Conclusion
Was this guide helpful? To recap what wedding expenses are tax deductible, the answer is yes.
They include donations to the venue, donating your dress and decorations to organizations, and excess food donations. There are also many tax benefits after marriage, so be aware of the changes.