 Income Tax 2022-2023, Child and Dependent Care Expenses Credit Overview. Let's do some wealth preservation with some tax preparation. Most of this information comes from Publication 503 Child and Dependent Care Expenses Tax Year 2022. You can find it on the IRS website, irs.gov, irs.gov. Looking at the Income Tax Formula, we're down here on the credit area at the bottom of the formula. Remembering, the first half of the Income Tax Formula is in essence an income statement, although a strange one ending at taxable income. The equivalent of an income statement ending at net income, income minus expenses, income minus deductions. Then we're going to be calculating the tax on that taxable income, not using one rate, not a flat tax system, but using the progressive tax system. Thank you.