OHIO — The tax filing deadline is quickly approaching — April 15 — and the Ohio Department of Commerce Division of Securities and Division of Financial Institutions shared tips with Ohioans to help make it a smooth process. 

“While tax time can be stressful for many individuals, there are some steps Ohioans can take to help ensure they complete this process as quickly and successfully as possible,” DFI Superintendent Kevin Allard said. “When it comes to preparing tax returns, a little bit of preparation can go a long way, so we encourage Ohioans to approach tax time with some key items in mind to minimize stress and maximize their returns.”

Here's what the department recommends:

Managing records ahead of time can help prevent potential deductions and income from being missed, which could lead to a more accurate and potentially larger tax return. 

Make sure to collect paperwork, including:

• Standard Forms: Gather all W-2s and 1099s for interest, dividends, miscellaneous income or other income documentation
• Tax Deduction Documents: Keep track of receipts for deductible expenses and documents like mortgage interest statements
• Financial Statements: Secure bank statements, investment income reports and copies of your most recent tax returns to ensure no details are overlooked

There are tax filing components that can impact financial outcomes and they're commonly overlooked. These include:

• Required Minimum Distributions: Residents aged 73 or older must withdraw a minimum amount of money from qualified retirement accounts to avoid penalties
• 529 Plan Distributions: Ensure all qualified educational expenses for withdrawals are properly documented to avoid unexpected taxes or penalties
• Qualified Charitable Deductions: Deductions from required minimum distributions designated to charities may reduce your adjusted gross income, potentially lowering your tax burden

Identity theft is a major risk during tax season. Here's how to protect yourself:

• Don’t Procrastinate: File taxes as early as possible to limit opportunities for fraud
• Protect Your Information: Avoid sharing personal details over the phone or email unless you can verify the recipient on the other end
• Use Trusted Sources: Only use secure filing methods and work with trusted tax professionals

• IRS Online Tools: Take advantage of calculators, instructional videos and detailed guides available on the IRS website
• My Social Security Account: Utilize the “my Social Security” account to access tax documents and manage your financial records securely
• Other Resources: The Ohio Department of Taxation offers state-specific rules, deductions and other helpful resources through its website