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A Tax on Cosmetic Surgery - Love It or Leave It?

TresSugar — Wed, 25 Nov 2009 10:00:07 -0800

The Senate's proposed healthcare bill includes a novel approach to enhancing funding for reform: a five percent tax increase on cosmetic surgery. Procedures like tummy tucks, face lifts, hair plugs, collagen injections, Botox, or any other non-required procedure would get hit with the increase. The tax could raise as much as $6 billion.

If you think taxing superficial wealthy people to pay for the necessary health care of the poor sounds like a perfect idea, some people, namely cosmetic surgeons, say you got it all wrong. Statistics show that one-third of people who get plastic surgery make under $30,000 and 86 percent make less than $90,000. In addition, 85 percent of procedures are paid for by credit. So the tax would hit lower income people the hardest. Then again, maybe it makes sense to make cosmetic surgery even more out of reach in order to help fund basic healthcare needs. Still, more damaging to the cosmetic tax plan is the fact that a similar tax has so far failed in New Jersey, where it costs $3 trying to figure out what counts as "cosmetic" for every dollar raised from the tax.

Do you think the "botax" is worth a try?

6 Healthy Ways to Use Your Tax Refund

FitSugar — Wed, 15 Apr 2009 11:00:00 -0700

The days leading up to April 15 can be particularly stressful if you owe Uncle Sam, but those of you who are receiving tax refunds might have some extra pep in your step. Sure, put some of it in the bank, but now could be the time if you've been looking for a way to invest in your health. Start the slideshow to see six healthy ways to use your tax refund.

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Dear Poll: What will you do with your Tax Refund?

DearSugar — Mon, 16 Apr 2007 14:45:00 -0700

Happy tax day! Are you getting a refund this year or did you have to pay up? Some people view their tax refund as "free money" while others are much more responsible with their government issued check. So I'm curious, what are you planning on doing with your tax refund?

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Hard on Soft Drinks

FitSugar — Thu, 16 Nov 2006 09:30:00 -0800

A recent proposal to push for taxes on soft drinks was rejected on 11/14/06 by the American Medical Association. The initial proposal was an attempt to combat the obesity epidemic in the United States. Instead, the nation's most influential doctors' group voted in favor of a proposal for a broader-based effort to combat obesity, the Associated Press reported.

If you drink more cola than anything else, you're not alone.
Soft drinks currently account for 7 percent of the calories in the typical American diet, which makes them the leading source of calories.

For some tips on how to ease off the cola, read more

If you drink it for the fizz then switch to seltzer water and mix your own juice in.
If you drink it for the caffeine then try drinking tea (or even coffee) instead. Juice is OK, but can likewise be high in sugar and should not be your only beverage.
If you drink it because it is always there then start stocking your fridge with other alternatives. At work, ask whoever handles the food situation to have more non-cola alternatives available.
If you drink it because it's diet then you should know that the artificial sweeteners raise red flags in terms of many health concerns (experts are still figuring out how our bodies deal with artificial sweeteners) and the high acidity (diet sodas are more acidic than regular) can erode your teeth.
If you drink it because you just thought it was healthy then you couldn't be more wrong. If you want healthy, drink a glass of milk or water.

Fit's Tip: I am not sure the war to tax soft drinks is over, so you might as well wean yourself now for your health and your wallet.

Tax Tip Round-Up

SavvySugar — Wed, 02 Apr 2008 13:02:17 -0700

April means different things to different people - Spring, the end of March Madness, Aries and Taurus birthdays, and most importantly, taxes! During the past couple months, I've been giving you little reminders here and there about completing your taxes and getting the most out of your refund. If you're one of many Americans who considers April's arrival the biggest reminder to do your taxes and are just now dusting off your W-2, I've rounded up all of my tax tips in one place for easy reference. Even though it's coming down to the wire time wise, you don't want to miss out on all possible deductions available to you. Once you're finished with your taxes, keep the momentum going and complete all of my April Must-Do's. To see all of my helpful tax tidbits just read more.

Are You Paying More Taxes Than You Should?

SavvySugar — Wed, 13 Feb 2008 14:36:49 -0800

Tax time isn't something that we generally cheer about, but knowing that you're not overpaying the government might make the whole thing a little more pleasant. Kiplinger's put together a list of the 13 most-overlooked tax deductions - check them out to make sure you're deducting everything you can!

State sales tax: This is mostly beneficial if your state doesn't impose an income tax. Figure out your deduction with the IRS sales tax deduction calculator.
$250 educators' expenses: If you work in a classroom and spent money on books and supplies last year, you can deduct up to $250 for these purchases.
College tuition: If you forked up college tuition payments last year for yourself, your spouse, or a dependent then you may be able to deduct up to $4,000.
Student loan interest paid by Mom and Dad: If your parents paid student loan interest on your behalf and they don't claim you as a dependent, you can deduct up to $2,500 for any interest paid by your parents.
Out-of-pocket charitable contributions: For example, ingredients for bake sales or stamps you bought to send out fundraising letters.
Moving expense to take first job: If you moved more than 50 miles to live closer to your first job, you can deduct moving costs including 20 cents a mile, parking fees, and tolls - even if you drive your own car.

There are seven more on the list, so just read more

Military reservists travel expenses: You may be eligible to deduct travel expenses to drills or meetings.
Child-care credit: You can apply this credit to $6,000 of expenses for two or more children. If you run the maximum $5,000 through a reimbursement plan at work but your expenses exceed that amount, you can claim the credit on that extra $1,000, which would cut your tax bill by at least $200!
Estate tax on income in respect of a decedent: If you inherited an IRA, you can take an income-tax deduction for the estate tax paid on the IRA.
State tax you paid last Spring: Include any taxes you paid for your state return last tax season in this year's state-tax deduction.
Refinancing points: If you refinance a mortgage the points are deducted over the life of the loan.
Reinvested dividends: You can deduct every cent of reinvested dividends, and forgetting to include them means you're paying too much in taxes.
Jury pay paid to employer: If you served jury duty last year, look for the line on your tax forms to include this deduction.

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How to Request a Tax Extension

SavvySugar — Mon, 13 Apr 2009 16:35:48 -0700

It's one thing to be fashionably late to cocktails when nobody's looking at their watch, but tardiness comes with heavy penalties when you're answering to the IRS. The deadline for filing your 2008 tax return is April 15 - that's Wednesday - and telling the IRS that your dog ate your calendar won't fly. Don't flip out if you can't file your return on time; just file an extension to avoid big trouble.

Here's the big thing to keep in mind about extensions: they only buy you time to file your return, but they don't allow for additional time to pay taxes owed. So, if you won't be filing your return by the 15th but know that you have to pay taxes, you need to pay at least 90 percent of the total amount due by the April deadline to avoid penalties. Asking for an extension will give you six additional months to complete and file your tax return. Learn the details for requesting extension when you read more.

Submit Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return, with the IRS by the April 15 or make an extension-related electronic credit card payment (you'll find the details on Form 4868). You can also choose to e-file an extension request through your tax preparation software, and if you choose this method you can authorize the IRS to electronically withdraw funds to cover your expected tax balance. Visit the IRS website if you have questions about requesting an extension.

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Tax Tip: Set a Date With Your Taxes

SavvySugar — Tue, 01 Apr 2008 06:46:40 -0700

I'm sure there are people out there that don't mind mulling over tax returns, after all, it's how some people earn a living. But if you're not one of those that can even look at a W-2 without a slight feeling of dread, you need to be sure that you're in the proper mind-set when you're finally posted up with your lap-top, W-2 in hand. If you're someone who's short on patience and lacking like for your tax return, you especially need to set yourself up for success when choosing a time to file your taxes.

The worst idea is to tackle your tax return when you have something to attend to after the time you've allotted for tax filing. Give yourself plenty of time to complete your return, because as with most things, it will probably take longer than you expect. Schedule an appointment with your tax return, just like you'd schedule a haircut. And do yourself a favor - don't wait until April 15th, or 14th for that matter, to complete your tax return. You want to make sure it's accurate so that you don't run in to trouble later and can get your tax refund as soon as possible.

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Tax Tip For Married Couples

SavvySugar — Wed, 12 Mar 2008 10:55:40 -0700

Just because you've promised to be there for your guy through good times and bad, it doesn't mean that filing jointly is the best option for you. You want to pay the least amount of taxes overall, so make sure you run the numbers for filing jointly and separately before opting for one or the other. When would you consider filing separately? To be eligible for certain deductions, couples may benefit from this type of filing if one of you has large medical expenses or business expenses, or if one of you had significant theft losses.

It may be a good idea to ask for professional help the first time you file taxes after marriage to ensure that you're filing in such a way that will get you the lowest overall tax bill. Remember to check out our tax prep giveaway! When you're filling out your tax returns for 2007, keep in mind that your tax status is determined by your marital status on Dec. 31, 2007.

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I'm Asking: If You Could Tax Anything, What Would It Be?

SavvySugar — Thu, 14 Feb 2008 12:27:36 -0800

Taxes seem to be everywhere we turn lately - from our still unopened W-2 reminding us to do our taxes to politicians on the news touting their best tax ideas to solve our problems. A writer for the New York Times got creative in his article, "A Fairer System: Tax the Annoying," where he suggests taxing things like spam mail and friends and family junk-chain emails. So if you could tax anything in your life, what would it be?

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