Nail your big-day budget. It starts with the numbers. Sit down and chat about what your budget is for the big day. Are you paying for everything yourself or will you have help? Tools like mint.com allow you to keep tabs on your expenses so you’re not stre
Before the Wedding
Nail your big-day budget. It starts with the numbers. Sit down and chat about what your budget is for the big day. Are you paying for everything yourself or will you have help? Tools like mint.com allow you to keep tabs on your expenses so you’re not stressing over money, when you’ll have more than enough to deal with! Once the two of you know what you have to spend, you can then allocate your budget the way you want.
Your dress, flowers and food. No, you won’t get a tax deduction for buying your wedding gown, but you can donate and deduct it as a charitable contribution. To note: You’ll want to make sure you’re donating to a qualified organization. And keep in mind that if the value you’re declaring on any items you’re thinking about donating is more than $5,000, you’ll need to get an appraisal — in writing, from a certified appraiser. If you think that you’ll have plenty of food left over from the reception, consider having someone take it over to a homeless shelter and request a receipt. You could also donate the reception flowers to the shelter at the same time, or to a nursing home or hospital.
Your wedding venue. Where you get married may mean that your venue payment could be tax deductible. Some possible (and deductible) locations to consider on your list of places to tour include churches or synagogues, state parks or local museums.
Track any and all charitable donations. It doesn’t hurt to do some good throughout the year and get a tax break. If fi ling receipts and keeping records aren’t your strong suit, consider an app like ItsDeductibe to help you stay on track.
After the Wedding
Check your tax withholding.The first item on your post-wedding financial checklist should be adjusting your tax withholding with your employer. When you are newly married, your income tax liability will change depending on your spouse’s income. It can be higher or lower and adjusting your withholding will ensure you don’t over or underpay your taxes.
