 Income tax 2023-2024. Are you self-employed? Get ready and some coffee so that you don't find income tax preparation to taxing. Most of this information can be found in publication 3-3-4. Tax guide for small business for individuals who use Schedule C tax year 2023, which you can find on the IRS website at irs.gov irs.gov. Looking at the individual income tax formula, basically mirroring the calculation on the form 1040, the first half of which is kind of like a funny income statement. Most income statements having income minus expenses resulting in net income. This income statement having income minus deductions resulting in taxable income. When we're thinking about a schedule C, we're focused on line 1.