Yes, in simple cases, it is entirely possible to file on your own. However, self-filing comes with certain risks:
- Risk of Errors: Mistakes in filling out forms can lead to overpaying taxes or missing out on valuable tax credits you may be eligible for.
- Penalties: Incorrect data on your return can trigger IRS audits and result in significant penalties.
- Time Commitment: You will need to invest considerable time into studying current tax laws and filing instructions.
Working with a professional helps avoid these issues and ensures that your declaration is filed accurately, on time, and with the best possible financial outcome.