 Income tax 2023-2024, taxable income overview. Get ready and some coffee so we can recognize the quacks when doing income tax preparation 2023-2024. Most of this information can be found in the Lion Instructions section of the Form 1040 Instructions tax year 2023, which you can find on the IRS website at irs.gov, irs.gov. Looking at the income tax formula, our focus on line one income. Remembering that the first half of the income tax formula is in essence a funny income statement. Normally an income statement having income minus expenses leaving the net income. For the income tax equation, we have the income line item. The expenses are basically deductions which are the above.