You could simply add a wrapper around the text and compare the wrapper height to the parent height.
FIDDLE
JS
if ($('.wrapper').height() > $('#text').height()) {
//do stuff
}
else {
//do other stuff like hide buttons
}
HTML
<div id="text">
<div class="wrapper">Lorem ipsum dolor sit amet, consectetur adipiscing elit. In in rutrum lorem. Donec eget turpis arcu. Fusce at neque libero. Nam sed risus velit. Fusce eleifend leo ac laoreet dapibus. Morbi vel tincidunt tortor. Vivamus placerat elit nec mi pulvinar, vitae volutpat nisi tempus.</div>
</div>
<button id="show">show more (only show this button if there is overflow)</button>
<button id="hide" style="display: none">hide</button>