Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
I’ve had the privilege of attending some amazing weddings in my life: a beautiful, fun evening in New Orleans, right after Hurricane Katrina; a magnificent wedding at the elegant Ambassador Hotel; and an expensive affair that took over the bar and all the rooms on an entire floor of the historic and luxurious Biltmore Hotel. Costs for these weddings ran into the tens of thousands of dollars.
Were they worth it? I don’t know. But each of those couples is still married—some more than 40 years later.
When running up such high costs, it’s tempting to try to get Uncle Sam to foot the bill in the form of tax deductions. After all, among the guests are people you had to invite, such as key business clients or customers, your most important vendors, your accountant, your staff, and other business-related people. If roughly one-third of the people at your wedding are business-related invitees, can’t you at least write off the costs of their share of the expenses?
In fact, when you do write off these costs as meals and entertainment, the IRS usually finds the wedding hidden in the costs and disallows them. You may end up with some rather unpleasant penalties as well.
How can you write off some (or all) of your wedding? Here are a few ideas.
1) Donate the flower arrangements and certain decorations to a charity, such as a hospital, orphanage, senior care facility, or VA hospital. Get a receipt from the charity for about half the original cost because you used the flowers and decor at the wedding first.
2) Donate the leftover food to a charity like a homeless shelter or a food bank. Don’t donate items that are too dry or ruined to eat, and get a receipt for the full cost of the various edible foods.
3) Turn the wedding into a business event. This strategy can work if you normally hold seminars, conventions, or large business meetings in hotels or resort venues. Just make the wedding a part of the main dinner meeting of the event. Not only do you get to write off the costs but your attendees will also pick some of the costs with their registration fees.
However, if this dinner event is significantly more costly than your usual dinners, the difference between them is considered a personal cost. Also personal is the cost of the wedding itself—the cleric, the musicians, the canopy, or other specific wedding-related add-ons.
4) Turn the whole wedding into a charity or fundraising event, and market it that way. Have people pay to attend as they would a charity event, with all the profits going to the designated charity. You must do this under the charity’s non-profit ID number and under its guidance. The receipts provided to the contributors must show the value of their meal as non-deductible.
Of course, you can always get involved in one of those Bachelor or Bachelorette programs on TV and let the producers pay all your costs. But then you’d have to pay taxes on the 1099-MISC they would issue you for the retail cost of the event—and that would turn the happy day into a downer.
Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. She is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com and tax courses you might enjoy at http://www.cpelink.com/teamtaxmama.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.