New Jersey is considered a "gross income tax" state, meaning individuals are taxed on gross income with no itemized deductions allowed. Although losses cannot be deducted on New Jersey tax returns, they may be deductible for federal tax purposes.

Before amending a tax return, take the time to determine whether it is financially wiser to deduct the losses from your previous year’s or current year’s tax return. Also, keep in mind that casualty losses are not deductible on New Jersey income tax returns.

Today's accounting jobs require new hires to have specific skill sets to help them achieve success and thrive at the start of their journeys. Everything from professionalism and attention spans to tech skills can make a difference.