The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. Share | Related Content Tax Freedom Day Assess how many days you'll work to pay your federal tax liability. Tax Deductions You Won't Believe Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative. Federal Income Tax Use this calculator to estimate your income tax liability along with average and marginal tax rates.