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 Taxable Refunds, Credits, or Offsets of Local U 2012

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income tax 2023 2024 tax refunds credits or offsets of state and local income taxes get ready and some coffee so we can recognize the code cracks when doing income tax preparation 2023 2024 most of this information can be found in the instructions for schedule one section of the form 1040 instructions tax year 2023 which you can find at the IRS website irs.gov irs.gov looking at the income tax formula we're focused on line one income remember in the first half of the income tax formula It's Kind of a Funny income statement most income statements having income minus expenses resulting in net income here we have income minus various deductions result in taxable income noting that the income line item is something that we would generally like to have as low as possible for taxes as opposed to high as high as possible so we're looking for items that might be able to be excluded from income also noting that some income items might be having a more favorable tax rate

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