 Income Tax 2022-2023 Business Credits 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 on line one income. Remember in the first half of the income tax formula is in essence an income statement, but just an outline of scaffolding other forms and schedules flowing into these lines. The schedule C being one of them, it being in essence an income statement in and of itself, income minus expenses or business deductions, the net income of which flows into line one income of our income tax formula here. This is the first page of our Form 1040. The schedule C.