 Income Tax 2023-2024. Inventory, Uniform Capitalization Rules and Changes in Accounting Method. Get ready and some coffee because you're supporting an entire generation with your 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, the first half of the income tax formula basically being a funny income statement. Most income statements having income minus expenses resulting in net income, here having income minus various deductions resulting in taxable income. This sole proprietorship schedule C rolling into line one and come.