 Income tax 2023-2024, income reporting forms, concepts, and overview. Get ready and some coffee so we can recognize the code cracks when doing income tax preparation 2023-2024. We're now focusing in on the first line item of our income tax formula that being of course income. Remembering that the first half of our income tax formula is in essence a funny income statement which makes sense because we have an income tax. An income statement generally consisting of income or gross income minus expenses gets us to the bottom line which we typically call net income. Here we're going to be calling the taxable income. The bottom half of the income tax formula is then calculating the tax based on the taxable income and then applying credits, other taxes, and