 Income tax 2023-2024, combination accounting method. Get ready and some coffee because we need to know a lot of information to do income tax preparation 2023-2024. Most of this information comes from 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 iris.gov, iris.gov. Looking at the income tax formula, remember in the first half of the income tax formula, basically an income statement, most income statements having income minus expenses resulting in net income. Here having income minus various deductions resulting in taxable income. The sole proprietor Schedule C rolling into line one income, which is kind of funny because the Schedule C itself is also a form of income statement.