 Income tax 2022-2023, American Opportunity Credit, who can claim a dependence expenses? Let's do some wealth preservation with some tax preparation. Most of this information comes from Publication 970, Tax Benefits for Education Tax Year 2022. You can find on the IRS website, irs.gov, irs.gov. Looking at the income tax formula, we're down here in the credit area. The first half of the income tax formula is, in essence, an income statement, although a strange one, ending at taxable income, similar to a normal income statement, ending at net income. We then calculate the tax on the taxable income, not with one rate, not with a flat tax, but with a progressive tax system to get to the tax before credits and other taxes. Then we get to those credit areas down below, as well as the other taxes, such as self-employment tax, for example. Then we have the payments, which could be in the form of estimates.