Thursday, January 26, 2012

An Example of Deductible Charitable Donations

Taken from an earlier article (Bad deductions you shouldn't file):

It's common knowledge that the wedding industry is enormous, and extravagant. Being a 60 billion dollar industry means it's also very expensive. One cheap father had the brilliant idea to invite a few of his business clients to the wedding, which he attempted to use as leverage to write off his daughter's entire wedding as an entertainment expense for his business! This, to no one's surprise, was flagged by the IRS and he was forced to not only foot the bill for the wedding, but pay some hefty fines as well.

My wife and I got married June 26, 2010. We had an outdoor wedding in front of the Potts Inn Museum in Pottsville, AR. Our budget was very small, but thanks to some friends and family we got some beautiful decorations and had a wonderful wedding! I recommend any couple in love to tie the knot, and after all is said and done you'll know why you're with the other person, or you'll be wondering why you got with them in the first place!

With weddings being upwards of $20,000 and beyond, it's no wonder why people expect you to get married once in your lifetime(even though that barely happens anymore with the divorce rate what it is.)

So, when is this article going to tell me charitable donations I can deduct?

There are a few ways to let the IRS foot some of your wedding bill, but you have to be careful and not get carried away or try to deduct the whole wedding as a business expense!

Add a Charity Fundraiser to Your Wedding:
People are in a very giving mood during a wedding, and hosting a fundraiser for a charity you participate in or are fond of can be a great way to raise money for a great cause. Using a donation as a way to make the guests pay to attend gives them a charitable deduction on their taxes.

But what about the people who are PAYING for the event?

Charitable Contributions and Donations:
There are always soup kitchens and shelters of varying kinds that will gladly take the rest of your catered food. Simply pack up your leftovers and take them to be fed to the underprivileged, then get a receipt from your caterer for the value of the food that was donated.

Instead of letting the guests leave with their centerpieces, you can donate them to places that can continue to admire their beauty. Examples of places are hospitals, birthday parties, and anywhere else that could use a little sprucing up. If a guest is vehement about wanting to take theirs, make sure they write a check for the amount of the centerpiece to the charity you're supporting.

The largest chunk of your deductions will probably come from your wardrobes. This won't apply to you if you rented your tuxes or dresses, but there are tons of organizations that will accept your wedding garments.

These deductions may not be nearly as much as you paid to have the wedding, but it's an event that you will remember for a lifetime(or try to forget, if you're on the unfortunate side of the statistic.) We at Online Tax Pros wish you a great future together and hope it's a union blessed for a lifetime!

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  1. Most so called "non-profit" organizations are merely ways for the wealthy to make their own personal living and discretionary expenses tax deductible. Therefore, all these tax deductions should be eliminated.

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