Infographic: 2019 Taxes by the Numbers Full Size Version Share | Have A Question About This Topic? Name Email Address Message Thank you! Oops! Related Content 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. How Income Taxes Work A quick look at how federal income taxes work. What Is a 1035 Exchange? 1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.