You can use a nested IF statement:

IF({record type} != 'Income',

IF(Actuals <= {Approved/Expected Amount},
"On Track",
"Over Budget"
),

"Profit")

Hey @SpookyCheerios! 

Additional details here would be really helpful. The formula you're describing is pretty simple, but it varies depending on the details of what you want to happen if the record type is "Income" or "Expense."

Here's an example.
I just assumed the field used to identify the record type is called "Type", but you can swap it out as needed.
This formula will look at whether the Type field returns the value of "Expense." If that evaluates to true, then it will return the first part of the formula you originally posted.
If the Type field returns a value of "Income", then it will return blank since I don't actually know what you want to happen.
Again, additional details would be greatly appreciated!

IF(
AND(
{Type},
{Actuals}
),
SWITCH(
{Type},
"Expense",
IF(
{Actuals} <= {Approved/Expected Amount},
" On Track",
" Over Budget"
),
"Income",
"Profit"
),
IF(
{Actuals},
IF(
{Actuals} <= {Approved/Expected Amount},
" On Track",
" Over Budget"
)
)
)