Get a Tax Break for These 4 Wedding Expenses

Wedding planning is an exciting milestone, but it can also be stressful, particularly when you’re trying to stay within a budget. With the average cost of a wedding exceeding $20,000 nationwide, couples often need to be intentional about managing expenses. Exploring cost-saving strategies early in the planning process can help reduce financial pressure while still allowing you to celebrate in a meaningful way.

A financial advisor can help you create a financial plan to help you pay for weddings, buying a home, raising a family, retiring, and other financial goals. Find a financial advisor today.

Qualifying for Wedding Tax Breaks

The tax breaks you qualify for can heavily depend on your income and other financial situations that either make deductions or credits an option or take them away. Fortunately, Uncle Sam makes getting hitched more affordable by allowing couples to claim deductions for certain expenses related to the wedding. If you’re walking down the aisle this spring or summer, below you’ll find a few things you may be able to write off on your taxes.

1. Church and Venue Fees

Unless you’re planning a backyard wedding, you’ll likely have to pay a fee to secure the church or other venue for the big day. For example, if you’re getting married at your church, you may be asked to pay a ceremony fee. This fee may be deductible if it’s considered a charitable donation. If not, you could still score a tax break by making a larger donation in exchange for a waiver of the fee. As long as the place of worship you choose meets the criteria for a tax-exempt organization, the donation should be deductible.

You may also be able to write off the fees if you hold the ceremony at a non-profit venue, such as a museum, state or national park or another historical site. Any fees you pay may be categorized as a deductible charitable donation but the site must meet the IRS tax-exempt guidelines. Just keep in mind that any fees or tips you pay to individuals, such as the officiant, don’t qualify for a tax deduction.

2. Decorations and Flowers

Decor items such as centerpieces, candles, flowers and decorative jars can add the perfect finishing touches to a wedding. After the reception, however, these items often have limited use. If storage space is an issue, consider donating them to organizations such as Goodwill or the Salvation Army.

Under IRS guidelines, donated items may be deductible at their fair market value, provided you obtain a receipt. This is especially important when donating higher-value wedding décor. Floral arrangements can also be donated to local charities, such as women’s shelters or other nonprofit organizations. Doing so allows others to enjoy them while also giving you the opportunity to claim a charitable contribution on your tax return.

3. Leftover Food

One of the biggest expenses associated with planning a wedding is the food. While it’s always better to have more than you need rather than come up short, you could be throwing money in the trash if you end up dumping the leftovers. Donating those extra hors d’oeuvres or a few trays of chicken wings to a local soup kitchen or homeless shelter cuts down on waste and allows you to help those in need while taking advantage of a tax break.

If you’re planning to donate any extra food items from the wedding to charity, make sure you coordinate with your caterer and the receiving organization beforehand. If you just show up with a carload of food, your donation may be turned away so you want to get approval before the big day.

4. Wedding and Bridesmaids’ Gowns

For the bride-to-be, choosing the perfect dress is one of the most important aspects of planning a wedding. While it can be tempting to spend thousands on a gown, it could be a waste if it eventually ends up in the back of your closet collecting dust. Unless you want to hold on to it so you can pass it down to your daughter one day, it may be worthwhile to consider donating it.

Organizations such as Brides for a Cause and Brides Against Breast Cancer accept donations of used wedding gowns as well as accessories, including veils, tiaras, slips and headpieces. These organizations sell the gowns and use the proceeds to fund charitable causes. If your bridesmaids aren’t thrilled about their fuchsia chiffon concoctions, you can also donate them to The Princess Project or a similar non-profit that re-purposes the gowns to provide prom dresses for high school students who otherwise couldn’t afford them.

These are just a few of the wedding-related expenses newlyweds may be able to deduct at tax time. If you’re planning on snagging any of these write-offs, be sure to get the proper documentation to prove your claim. The IRS has specific guidelines about what you can and can’t deduct so you need to make sure you’re prepared.

A wedding can be a huge financial commitment. Make sure you talk to a financial advisor about planning for how to pay for the big day as well as what tax breaks you might qualify for afterward.

Bottom Line

As you stomach the seemingly astronomical costs of a wedding, take solace in the fact that there may be a few things you can write off on your taxes. Especially if you’re operating on a tight budget, this can make a big difference. You should speak to your tax professional to help you find the right deductions for you if you plan an upcoming wedding or have had one within the last year.

Tips for This Upcoming Tax Season

A financial advisor can be a key resource in helping you figure out your taxes. Finding a financial advisor doesn’t have to be had. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
If you don’t know whether you’re better off with the standard deduction versus itemized, you might want to read up on it and do some math. Educating yourself before the tax return deadline could help you save a significant amount of money.
SmartAsset has you covered with several free online tax resources to help you during tax season. Check out our income tax calculator and get started today.