 Income tax 2022-2023, taxable income overview. Let's do some wealth preservation with some tax preparation. Most of this information comes from the Form 1040 Instructions Tax Year 2022, the line instructions you can find at the IRS website, irs.gov, irs.gov. When looking at the income tax equation, we're focused on line one now, that being income. Remember, with the income tax equation, the first half of the formula will in essence be an income statement, this being an income tax, although a strange income statement. But it starts where we would expect, which is the income line, and then we have the expenses which are reflected here in the form of deductions, the above the line deductions or adjustments to income, the below the line deductions, or the greater of the standard, or the itemized deductions to get to the equivalent of, in essence, net...