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. What If You Get Audited? The chances of an IRS audit aren't that high. And being audited does not necessarily imply that the IRS suspects wrongdoing. Tax Management Strategies Learn more about taxes, tax-favored investing, and tax strategies.