Making Your Tax Bracket Work Have you explored all your options when it comes to managing your taxable income? Share | Related Content The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. What Do Your Taxes Pay For? Here's a breakdown of how the federal government spends your tax money. Home Mortgage Deduction Use this calculator to assess the potential benefits of a home mortgage deduction.