The 2004 law was passed to tax cosmetic and plastic surgery in New Jersey as an effort to raise funds in the state. Originally this law was expected to bring in over $25 million in its first year. The tax didn't quite work as intended and only ended up pulling in about $7 million in tax fees on services provided by NJ plastic surgeons.
Governor John McGreevy signed the bill into law and it sounded somewhat reasonable at the time. The law states that only "certain cosmetic medical procedures that are directed at improving the patient's appearance and that do not promote the proper function of the body or prevent or treat illness or disease."
That means you'll pay tax on purely cosmetic services, but not one surgeries that improve your physical health. So a New Jersey plastic surgeon can perform a rhinoplasty to help you breathe better and you will not pay any taxes on the service. If, however, a New Jersey plastic surgeon performs a breast augmentation for beauty reasons then that service may be subject to the equivalent sales tax.
The law's text lists a number of elective cosmetic surgery procedures which are subject to the tax. Among those procedures which New Jersey now taxes are any form of cosmetic surgery, cosmetic injections, cosmetic soft tissue fillers, hair transplants, dermabrasion and chemical peels, laser hair removal, laser skin resurfacing, laser treatment of leg veins, sclerotherapy, and cosmetic dentistry.
This tax supposedly marked the first time that a tax had been imposed on any medical operation in the United States. New Jersey plastic surgeons were obviously not happy about this and many complained that this tax would continue forcing people to go to other states for their medical needs. Many plastic and cosmetic surgeons in New Jersey spoke out in the news media when the tax was first introduced.
While this is a only a New Jersey phenomenon so far, it has piqued the interest of lawmakers in other states. States such as Texas, Illinois, Washington, Arkansas, Tennessee and New York have all introduced bills to tax certain cosmetic surgery procedures, but so far none of the new laws have passed.
The original sponsor of the bill, Joseph Cryan, has since tried to get the law repealed, but the repeal has not yet received enough votes.
Only time will tell if the tax will be repealed or stay on the books in the future. For now NJ cosmetic and plastic surgeons are dealing with this tax the best they can.
Tax accountant is an expert who helps an individual or a business in calculating the amount of tax returns that they have to pay to the government. People residing in New Jersey are really fortunate in this regard as they can find tax accountant in New Jersey who are very efficient in their work. In New Jersey, tax accountant are efficient not only in calculating individual tax returns, but also helping out big, medium and small businesses manage their accounts properly.
The important thing for you to do is hire the services of a tax accountant who is efficient in their job. In other words, you have to choose the best tax accountant that can do the work for you. It is needless to say that the tax accountant should know his job inside out. You can search for the accountant through the local yellow pages. It must be understood that you will need some time to find out an accountant who can do the work efficiently for you. So be ready to invest some time for this work, if you are serious about paying taxes on time becoming tax free as soon as possible.
You can find certain accountants that specialize in specific areas related to tax payment. If you need the services of such specialized tax accountants, you can hire their services. However if you want to hire the services of a tax accountant who has knowledge about everything related to tax payment and calculation, make sure to check out the amount of experience that he has in his work. An experienced tax accountant, whether it is in New Jersey or any other place, will handle the work more proficiently.
Tax payment is an important element and you cannot afford to take risks about this. In New Jersey, tax accountants charge the money depending on the kind of tax accounting work which they do. Keeping documented records of all the income, expenditure and any other transaction that has been made in the financial year. All these are vital for keeping a proper track of all the monetary transitions that was done.
After you have hired the services of a tax accountant in New Jersey, you must clarify any doubts that you have about tax payment. Remember, you must not get swayed by tax accountants in New Jersey who make exaggerated claims. If possible, make a proper check of the background and find out how efficient the tax accountant is in his work. Try to gather all the authentic information about tax payment that you can, as you must be properly informed about everything.
Handling tax payment on their own is not everybody's cup of tea, and this is why you must seek professional help. There are several nuances about tax calculation and tax payment that are crucial for paying taxes in time. So it is advised that one must hire the services of a professional, who knows his work. Besides being a difficult job, tax calculation is also a time consuming work which many people do not like to accomplish and seek for professional help.
Both JT Miller & Peter Terry are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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