Getting a Leg Up on Taxes

People are always trying to get ahead in any way they can. For some people, women and men, they turn to plastic surgery. I would agree that plastic surgery can help raise self-confidence and self-esteem. However, not every procedure is worth it. Doctors have rules, and for some kinds of plastic surgery, there are also psychological questions to have a better understanding of the individual. Sometimes, a procedure is not needed. However, for a vast majority, a date with the plastic surgeon is required.

From a business viewpoint, the problem is that not all plastic surgery is covered by health insurance. The reason is simple: it is elective and there is no need for a person to have it. As far as the rules of health insurance is concerned, plastic surgery is not needed for a person’s health. However, there are instances when the cost of the plastic surgery can be defrayed as a tax-deduction.

This is not a tax deduction scheme, neither does the scenario always play out as planned. However, the logic is fairly simple. To start off, if an asset is important in a person’s job, he can have it insured. This is like a model or a movie star insuring her legs. If something happens to her legs, she would lose her money earning capability. Or, at least, if she does not lose it, it would be severely limited. The scenario goes as follows, if the movie star were to have an injury which would damage her legs, the insurance would cover the damage. However, if she does not have any insurance coverage, she would have to shell out money from her own pocket. Since this is now related to her income earning potential, she can, in theory, deduct the expenses for the skin reconstruction, or any other plastic surgery required.

This is not skirting the issue of tax deductibility of plastic surgery. It is a mind-experiment. The next step is a stretch but realizable. It only requires a reputable movie star, a reputable lawyer and a credible accountant. A good plastic surgeon in Fairfield or anywhere else would also be needed. The idea is that since beauty is an asset within the movie industry, it should be possible to deduct expenses which are related to keep a person beautiful.

Has it been done before? I have no idea if plastic surgery has been deducted as an expense. However, even without the deduction, a breast augmentation in Santa Monica would be a big boost in any movie star’s career, as well as help her self-confidence.

There are some days when the idea of deducting anything and everything just does not work. In the real world, one way to have a less taxable income is to earn more by putting up more businesses. This is not like putting up a laundry in every corner, and skimming the coins. The idea is to put up more businesses, and to have a higher net income, which would go to a holding company. In this way, the money would be accounted for all the way from the source to the bank, and towards the holding company. The revenue service frowns on schemes for more deductions and less taxable income.