Wedding-related Tax Benefits
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.
When you’re one of the responsible financial parties involved in making wedding plans, you’re looking at a hefty price tag—possibly in the $20,000 – $60,000 range. Why? I haven’t a clue!
I managed to have a kosher wedding with 150 guests for only $1,500. OK, so it was back in 1972. We did it again in 1993 for about $1,500, with about 60 friends at a post-wedding party.
But I’m not here to tell you that you must be frugal on the happiest, most stressful day of your life.
I am here to answer the age-old question: How can you get Uncle Sam to pick up the tab at your wedding?
The most common argument people use to make this happen is that business clients, co-workers, and associates are invited. Can the government at least pick up their costs for the event? Unfortunately, the courts have vehemently said no!
Make your guests pay to attend
What if you combine your wedding with a massive marketing seminar? It worked for Corey Rudl, who did that back in 2004. Not only did Mr. Rudl get his own guests to pay to attend his wedding but the entire event was also presented as a business seminar—so it was all deductible. Not everyone is as brazen as he was, but behavior like that does generate a great deal of publicity and viral activity. It can be an excellent way to throw a big party you couldn’t otherwise afford.
Throw a fundraiser
Of course, you can always throw a wedding a fundraiser for your favorite charity as another way to have your guests pay to attend. The difference between the value of your guests’ meal and their payment would be a charitable deduction for them. Donate all the profits to charity and you have a free gala event, perhaps with lots of publicity. Your favorite illness, animals, children, seniors, sports, or other worthy cause gets all the benefits.
For the rest of us, what tax breaks can we get?
Charitable contributions deductions
Donate the leftovers of the feast. Make arrangements in advance. Have the caterer pack up the food, desserts, and so on and take it all to a shelter for those less fortunate. Arrange to get a priced receipt.
Donate the centerpieces. Although guests often expect to take the centerpieces, let them know these items will be donated to hospitals, schools, or other organizations. If a guest wants to take the centerpiece, ask him or her to include a check for a predetermined dollar amount, made payable to the designated charity.
Wedding dresses and bridesmaids’ gowns are expensive, and they’re usually only used once. If you haven’t rented yours, donate it. Any number of organizations would be happy to accept it. For instance:
Tuxes are often kept and used again and again, it’s true. But if you want to donate yours, the Men’s Wearhouse is holding its National Suit Drive this month.
Find a facility with a charitable link
What about holding the wedding in a state park or on the grounds of a non-profit organization? Do the fees paid to the facility count as a charitable contribution deduction? Nope! When you receive a benefit for your donation, there is no deduction. But it’s still not a bad idea to hold your event on the grounds of these special places. They can certainly use the fees, and your guests can enjoy a unique experience.
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.