 Income tax 2022-2023, self-employed, what you need to know. Let's do some wealth preservation with some tax preparation. Most of this information comes from the Tax Guide for Small Business for Individuals Who Use Schedule C, Publication 334, Tax Year 2022. You can find on the IRS website, irs.gov, irs.gov. Looking at the income tax formula, we're focused online. One, that being income, remember in the first half of the income tax formula is in essence an income statement. However, it's just an outline, just the scaffolding, many other schedules and forms flowing into these line items. For example, with the income line, we're focusing in on a schedule C often used for sole proprietorship, which in essence is its own income statement having income minus expenses, which are basically business deductions.