 Income tax 2023-2024. Accounting methods overview. Get ready and some coffee because we're looking to get the tax man off our back with income tax preparation 2023-2024. Most of this information can be found in Publication 334, 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 income tax formula, remember in the first half of the income tax formula, basically a funny income statement. Most income statements have an income minus expenses resulting in net income. Here having income minus various deductions resulting in taxable income, noting that the schedule C from the sole proprietor rolls into Line 1, Income of the Income Tax Formula.