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 Will You Pay the AMT? Despite recent tax-law changes, many Americans are expected to pay the AMT this year. What Do Your Taxes Pay For? Here's a breakdown of how the federal government spends your tax money. Tax Management Strategies Learn more about taxes, tax-favored investing, and tax strategies.