As counterintuitive as it sounds, one of the best ways to save money in 2021 might be to file your taxes. Setting aside the fact that you are already legally obligated to do so, there is a compelling reason to do it this year, and that reason involves stimulus payments.

The most recent round of stimulus payments were included in the American Rescue Plan Act, passed in March 2021. This bill marked the third round of stimulus payments since the beginning of the COVID-19 pandemic, sending out $1400 checks to all Americans who made less than $75,000 per year.

The bill also had many other provisions; besides simply passing out checks, it offered many other tax breaks and benefits, notably subsidizing child care and nearly doubling the Child Income Tax Credit for young children.

This means that, even if you do not anticipate receiving a refund, there are two main reasons to file your taxes this year.

1. It Lets the IRS Know Where You Are

Two months after the March 2021 legislation, the IRS has not finished delivering the original third round of stimulus checks. The most recent batch of checks, altogether the ninth stimulus payment, were sent out last week.

If you have not received a check yet, it could simply be because the IRS does not know where to send it; this is especially likely if you moved in the past year.

Your new address, of course, will be included on your 2020 tax return.

2. It Might Qualify You For Additional Payments

Even if you already received the $1400 check, the extra benefits passed in the March 2021 legislation could result in you receiving more money, in the form of a “plus-up” payment – a supplementary payment in addition to what you have already received.

For instance, if you had a child after you filed your 2019 taxes with the IRS, you need to inform them that you have a child to qualify for the newly expanded credit. The only way to do this is to file your 2020 taxes.

The Deadline Passed. Now What?

Unfortunately, if you haven’t filed your taxes already, it’s a bit late now. The normal filing period closed on May 17.

You can still send in a return, but you will likely be assessed a 5% penalty fee. However, this isn’t a reason not to file. The fee will increase by 5% per month, so if you wait another month, it will increase to 10%. In this case, it is best to get it over with – and in any case, it is possible that a “plus-up” payment exceeds 5% of the taxes you owe.

Trevor Filseth is a news reporter and writer for the National Interest.