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1.
Etymology: American English, parodies botox-, {T} a substance which is injected into the skin of the face in order to make the skin look smooth and young, +tax- a levy on the net income of an individual or a business.

1: the process of checking ones itemized deductions before year end to ensure that any extra taxes owed can be artificially infused from your penultimate paycheck.
I was going to owe the IRS some money last year - so in late November I gave it the botax.
by Maxx Lobo February 15, 2005
 
2.
A tax proposed in the United States Senate in July 2009 to tax Botox and other cosmetic procedures.
I was going to get a face-lift, but I can't because of that new Botax
by HarringtonReport July 27, 2009