 You can find this at the IRS website, irs.gov, irs.gov, when looking at the income tax formula, we are once again looking at line one, that being income, remembering that the first half of the income tax formula is in essence an income statement, a strange one. However, we've got income minus the equivalent of expenses, those being deductions gives us the equivalent of net income, that being taxable income in this case, the goal being the opposite of a normal income statement. We want taxable income to be as low as possible, not as high as possible. So when we're talking about line one income, then the question is, is something actually categorized as income and is it something that I have to include as taxable income? So here we're gonna be looking at and just touching on business income, often reported on a Schedule C. And this is a good point for us to look at the situation where we might have deductions that aren't in essence part of this line item in terms of the deductions on the income tax formula, because there's gonna be deductions on the other schedule. So this gets a little messy, a little bit confusing, we'll dive into it a lot more in future presentations. Note that when you're dealing with clients, you probably wanna try to categorize which clients you want to deal with. Now remember the general categorization is going to be, do I wanna have fairly simple tax returns, lower income tax returns, oftentimes being more simple tax returns, in which case the profit margin per return will be less, but I can usually do a lot more of them, or do I wanna have higher profit margin returns that are gonna be more complicated, they take more time, they take more research. What about research? Research. But I have higher profit margins per return and I'll do less total returns then. And if you're doing higher complication returns, that usually means you're dealing with higher income individuals and or those that have their own businesses. So then the question is, do you wanna be dealing with specific business type of returns and you can think about industry and you can also think about the types of entities they have, sometimes those two go together oftentimes, meaning are they in construction, are they in real estate? Do you wanna specialize in the industry that someone is in and what type of entity do they have? A Schedule C versus a corporation, S corporation, partnership, LLC and so on and so forth, oftentimes the type of industry will be tied to the type of tax return like a LLC or an S corporation and so on and so forth. So those are some general type of things to keep in mind. Note that if I look at a Schedule C, this is gonna go out to another Schedule C which will have another in essence income statement, one that makes a lot more sense if you've worked from a business standpoint in terms of accounting where you can have income and expenses, the expenses then being those things that were consumed in order to generate the income. So on the Schedule C, we actually see them as kind of expenses but they are basically deductions, right, those are the business deductions for someone that has a Schedule C income. Why don't we have those kind of deductions which seem like the most natural deductions for an income tax system on a normal income tax return with W2 income because the idea is that the employer is providing everything needed, therefore you don't have those normal deductions that you needed to generate the W2 income and we instead just have all these kind of weird deductions which is really the government trying to incentivize us to nudge our behavior through incentives on the tax code.