"I have my own business but deducted a lot last year, due to the new addition to my business, so it looks like I didn't make enough money. But I've got bank statements this year, and I've made enough money. Will it be okay to be a co-sponsor?"
As a self-employed individual or person who owns a business, it's natural to take advantage of all the tax deductions you can to reduce your taxable income. You have every right to do it. Unfortunately, for USCIS and tax purposes, your income is basically what you pay taxes on.
Of course there are some oddball exceptions for people who have non-taxable income, but in most circumstances, they consider your income to be whatever you paid taxes on. So if your business took in $1,000,000 in revenue, but you had $980,000 in deductions, as far as USCIS is concerned, you made $20,000, not a million. So to meet the visa income requirement, it's often easier to get approved if you have a minimum-wage job, as long as it is a W-2 job, than if you make millions on your own but get your taxable income down to nothing.
Your options are to use assets or to amend your tax return to claim enough income to get you over the limit. Yes, you'll have to pay tax on that, but that is a tactic that people have done with some success.
Although many people have tried using top-line revenue as income, it never works. People try it with lawyers. People try it with accountants. All that matters is your income. And unfortunately, income is one of the areas where there is no wiggle room. It must be exactly right, and they're not going to take your word for anything.