Let’s dive into New Jersey’s BAIT program – and no, we’re not talking about fishing here! This tax strategy is more like a lifeline for business owners swimming in the deep waters of state taxation. If you’ve been scratching your head over the $10,000 SALT deduction cap, this might just be the solution you’ve been looking for. What’s BAIT All About? Think of BAIT as New Jersey’s clever workaround to help business owners keep more…
Let me tell you about my friend Sarah in Montclair. She turned her sunroom into a home office when her company went remote, thinking she’d hit the tax deduction jackpot. “It’s perfect,” she said, “I’ve got my desk, my monitors, and a view of my neighbor’s prize-winning hydrangeas.” What she didn’t have? A clue about how home office deductions actually work in New Jersey. Spoiler alert: Those hydrangeas didn’t help her tax return one bit.…