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 Home Mortgage Deduction Use this calculator to assess the potential benefits of a home mortgage deduction. 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. Comparing Investments This calculator compares the net gain of a taxable investment versus a tax-favored one.