Division of Securities Offers Tax Filing Tips to Maximize Returns, Minimize Risk

COLUMBUS, Ohio -With Tax Day less than a month away on Monday, April 15, the Ohio Department of Commerce Division of Securities is providing Ohio taxpayers and investors with essential tips to help them file their taxes as efficiently and securely as possible. By preparing in advance and focusing on often-overlooked details with investment accounts, taxpayers can submit their returns with confidence that they will maximize returns, minimize errors and avoid potential financial penaltiesdue to not filing by the deadline.

One of the most important steps taxpayers can take to avoid errors is to plan ahead and not wait until the last minute to file tax returns. By being organized and taking their time, consumers can help to ensure a smooth and efficient process. This includes making sure individuals have the necessary documents and information, including:

• Standard Forms: Secure all W-2s, 1099s, and additional income documentation.
• Beyond Income: Make sure to document potential deductions including mortgage interest and significant tax-deductible expenses.
• Financial Statements: Aggregate bank statements and investment income reports, as interest rates may yield unexpected earnings.

Taxpayers also should make sure they have commonly overlooked items that could significantly affect their returns:

• Required Minimum Distributions (RMDs)for those over the age of 72 must be taken from retirement accounts to avoid hefty penalties.
• 529 Plan Distributionsmust be recorded diligently to bypass taxes and avoid penalties on disbursements.
• Qualified Charitable Distributionsfrom retirement accounts can reduce adjusted gross income and lower tax bills.

Due to the rise in identity theft, it's also important that taxpayers ensure they take enhanced security measures.

• Guard personal informationagainst unsolicited phone calls or online requests.
• File earlyby using trusted and secure platforms to prevent fraud.
• Watch for signsof suspicious activity and report them immediately.

Ohio taxpayers are encouraged to use comprehensive resources provided by the Internal Revenue Service (IRS) and the Ohio Department of Taxation:

• The IRS offers tax calculators, instructional videos, guides, and the "my Social Security" account for secure document access.
• The Ohio Department of Taxation website delivers state-specific information valuable for deductions and tax rules.

In addition to the above tips, Ohioans can stay on top of their taxes by making sure they update withholdings for major life changes, save for retirement for immediate and future benefits, and stay informed on tax law changes. Tax experts recommend that consumers subscribe to online e-news services from the IRSfor current information and updates regarding taxation.

By taking a thoughtful, careful and planned-out approach, Ohio taxpayers can make sure they not only receive the biggest tax return possible, but that they avoid potential errors, penalties and fraud.

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The Division of Securities is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at www.com.ohio.gov

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