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 Reform: Before and After What did the 2017 Tax Cuts and Jobs Act change? Here's a quick snapshot. Comparing Investments This calculator compares the net gain of a taxable investment versus a tax-favored one.