Saturday, February 13, 2010

Tax deductions

The new year is here and as we prepare for busy tax season I thought this article I found on "E How" would be helpful to those who wed in 2009 and things for 2010 brides to keep in mind.

Please see below for some information on tax write offs that we may not have thought of.

Tax Write-Off by ContributorBy Wendy Rose Gould

Tax write-offs are usually the last thing a bride and groom think about when planning a wedding. To the surprise of many, however, wedding purchases and/or rentals can actually save mone.
It's time to pay taxes at the end of the year. While there are rules and stipulations to each of these tax write-offs, many newlyweds take advantage of them every year.

1)The Attire.
Brides often wear their wedding dress only once. And while some opt to keep them for whatever reason, others have no idea how to discard them. For a tax write-off, consider donating the wedding gown to a nonprofit organization like Goodwill, These organizations will take your dress and issue you a donation receipt for your good efforts. While you're at it, consider donating the bridesmaids dresses, flower girl dress, ring bearer's outfit and any nonperishable decorations.

2)The Venue.
Believe it or not, some wedding venues are tax deductible. Choose a ceremony or reception venue located at a museum,public-owned park or even a historic house or building of some sort. These places are usually owned by nonprofit organizations who use the moneythey receive for upkeep purposes only. Speak with the head of the venue sight to make sure that it is a nonprofit organization.

3)Wedding Favors and Gifts.
Charity donations can make thoughtful wedding gifts and favors. They also save you money during tax season. So instead of purchasing a trinket that your guests or attendants may discard later, opt for a donation to your favorite charity on behalf of all those who are a part of your wedding.

4)Flowers and Foods
You can also get a tax write-off for items that have a short life, such as leftover food and all those floral centerpieces. After the wedding is over, ask a friend or family member to bring the items to a local nursing home, homeless shelter or similar. You will get a tax deduction for the cost of the remaining food and flowers and you'll put a few smiles on faces.

Whether you have your taxes done by a professional accountant or take care of them yourself, it's important to document each of these wedding tax write-offs. Keep all your receipts for any purchases you make and request a donation sheet (signed by the organization) that states how much you donated, what you donated and when. Save all your contracts for any wedding venues and, if possible, request that the venue organizer provide you with receipts for each of your payments.

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