What Does Your Wedding Dress Have to Do with Your Taxes?

 

Weddings! Undoubtedly one of the most expected and unforgettable days in every person’s life. People are ready to spend thousands of dollars in order to make this day special and unique. The same goes for wedding dresses. That’s because women are ready to travel to different corners of the world and spend lots of money in order to get the perfect wedding dress for their special day.

But Where Do the Taxes Come From?

Is there something that does not have anything to do with taxes? Probably not!

If you are going to marry and have to buy a wedding dress, you should be ready that it will cost you a ton of money. Especially now, when the International Bridal Manufacturers Association has announced the decision to propose an additional 25 percent tariff on wedding dresses coming from China. In case you did not know, more than 80 percent of United States wedding supplies comes from this country, so this news shocked lots of future brides-to-be who intend to buy a wedding dress for that special night!

Such kinds of changes had a massive impact on the bridal industry, as a result of which more than 6,500 bridal salons had to stop their operation.

But, let’s be honest, and give a sober assessment on this situation. Let’s imagine that you have found your perfect wedding dress, and you are willing to pay any amount for it. But, what’s next? You will keep this dress in your closet for many years, until you decide to get rid of it.

However, Prestige Auditors has a better offer for you: you are actually able to deduct lots of costs from your wedding.

There are lots of organizations which accept clothing donations, and a wedding dress is not an exception. Additionally, you can donate other wedding stuff as well, such as shoes, slips, and veils. All you need to do is to ensure that you have kept all receipts, and deduct the costs of these items.

Additionally, you can deduct costs of wedding services that you have paid for:

• The Church: If you have paid for your wedding ceremony in church, it can also be considered as a deductible cost.
• The Venue: If your wedding ceremony was at a museum or a historical garden, or at a national park, the fee that you have paid for is also tax-deductible.
• Flowers: It is hard to believe, but if you donate your wedding flowers to any non-profit organization such as women’s center or shelters, you can take a tax deduction for the value of donated flowers. The only catch is that you should present the receipts from your purchase.
• The Food: If you donate remaining food right after your wedding party to any non-profit organization, it may also be considered as a charitable contribution.

You should keep in mind that in order to do everything by the book, you should have all receipts and contracts from your purchase at hand, otherwise you will not be able to deduct any of your wedding costs, nor boost your tax refund.

As you can see, even if you spent lots of money for your wedding, it’s time to reap the benefits. That’s because you have a unique opportunity to deduct costs from your wedding party.

Prestige Auditors’ team are open to help you track your donations and transfer them to your tax return. Additionally, we will find more deductions that you are eligible for. Contact us, and we will choose the best options in order to find the best tax decisions for your unique situation.