 Income tax 2022-2023. Maker's depreciation. Which recovery period applies? Let's do some wealth preservation with some tax preparation. Most of this information comes from publication 946, How to Depreciate Property Tax Year 2022, where you can find it on the IRS website, irs.gov, irs.gov. Income tax formula, we're focused on line one income first half of the income tax formula, in essence an income statement, but just an outline other forms and schedules flowing into these line items. One, that being the Schedule C having business income minus business expenses. The net business income from the Schedule C flowing into line one income of the income tax formula. Form 1040, remember in the Schedule C, flows into the Schedule 1, flowing into page one 1040, line number eight.