Most importantly, if you haven’t yet filed your 2020 tax return, you could be missing out on IRS money, like a tax refund, stimulus checks or child tax credit payments. If you wait too long to file and claim a refund, the IRS says you could risk losing it completely.
Remember, an extension doesn’t postpone having to pay taxes that you owe, it just gives you extra time to file your return. The IRS is still providing several electronic filing options, including free file for individuals whose income is no more than $72,000.
