Last
year, the Internal Revenue Service (IRS) issued 109,426,000 tax refunds
totaling $306.016 billion. That works out to an average refund of $2,797 per
taxpayer.
Those numbers aren’t too far off of what’s expected
for 2016. As of April 8, with about 70% of all returns processed, the IRS has
issued 81,751,000 tax refunds totaling $228.780 billion. That works out to an
average refund of $2,798 per taxpayer.
So what are taxpayers doing with all of that cash?
According to the National Retail Federation’s annual
Tax Returns Survey, nearly half (49.2%) of taxpayers expecting a tax refund
plan to sock it away rather than spend it immediately: that’s the highest
percentage in the survey’s history.
Those who aren’t saving are opting to use the funds to
chip away at debt, while others plan to put their tax refunds into everyday
expenses like groceries and gas.
That doesn’t mean that taxpayers are eschewing all
fun. Taxpayers are planning some splurges though those numbers are
significantly smaller. At the top of the splurge list? Taking a vacation
followed by making a major purchase for the home.
Also on the list? Plastic surgery. More Americans than
ever before will be using their tax returns to pay for plastic surgery this
year, according to a new survey conducted by RealSelf.com. Of those surveyed,
13% of people who have undergone a plastic surgery procedure used money from
their tax refund to pay for all or part of their plastic surgery or other
cosmetic procedure – and a third of those respondents actually scheduled their
procedure to coincide with the receipt of their refund. And, of those
respondents expecting a tax refund this year, nearly 20% intend to use the money
to help pay for a procedure.
If those numbers feel high to you, you’re not alone.
To be honest, my experience with plastic surgery has largely been limited to a
few Joan Rivers jokes and a girl that I knew in grad school who got liposuction
for graduation. So I decided to ask an expert. Dr. Jeffrey Epstein is a triple
board certified facial plastic surgeon with offices in Miami and New York who
specializes in primary and revision rhinoplasty and aesthetic surgery. He’s
also a RealSelf Contributor.
With refunds averaging just under $3,000, I was
curious to find out from Dr. Epstein what that buys you when it comes to
plastic surgery. Not surprisingly, Dr. Epstein says that won’t cover a major
procedure in most well-established practices like his. It can cover basics and
extras like Botox and fillers but when it comes to significant procedures, what
it can get you, he says, is a down payment. Often patients will pay for
procedures over time – there are even companies devoted to helping finance
plastic surgeries. That’s where $3,000 can make a difference: it can represent
as much as 20% towards a major procedure.
How much do procedures cost? A rhinoplasty procedure
can cost between $10,000 and $15,000. Rhinoplasty is one of the most popular
procedures today. The demographic for the procedure tends to be young (late
teens to those in their late 20s).
Also popular? Hair transplants or men. Your $3,000
won’t pay for that either: the cost runs about the same as rhinoplasty: between
$9,000 and $14,000 and most insurance plans don’t cover it.
Two other surgeries, breast augmentation and
liposuction, round out the top of the list of the most popular procedures.
These procedures, which are generally geared towards younger patients, are more
sensitive to cost.
If cost is a factor, why would a taxpayer spend money
on plastic surgery? Because, Dr. Epstein jokes, it costs less than a car. He
explains that a tax refund is often money that you weren’t counting on, making
the desire to do something “just for you” when the extra cash arrives more
likely. That, says Dr. Epstein, makes it an opportunity to take care of
yourself and “justify the worth” all at the same time.
So does that mean you should rush right out, tax
refund check in hand, and jump into a new surgery? Not so fast. In addition to
cost, time is important, notes Dr. Epstein, because in addition to the cost of
the procedure, you must be in a position to take a number of days off for
recovery (anywhere from 8-10, depending on the procedure).
And what about all of those stereotypes about plastic
surgery? I asked Dr. Epstein to clarify some of the popular misconceptions. He
quickly rattled off four:
Plastic
surgery is only for the really wealthy.
It’s clear that it’s not cheap but that doesn’t mean it’s cost prohibitive.
You
can tell who has had a procedure. Dr. Epstein
says that with a technically and artistically skilled surgeon, you can’t tell.
It’s
a panacea for making life better. An operation
can’t do that.
You
can do it for someone else. You can’t. A
procedure won’t solve your problems or, Dr. Epstein says, save your marriage.
Kelly Phillips Erb
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