Tax Reform: Before and After Full Size Version 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 the New Tax Bill Means for You What does the Tax Reform and Jobs Act mean for you? Does Your Child Need to File an Income Tax Return? When your child has income, there’s a good chance that he or she will need to report it and pay taxes.