Tax Tip – Identifying Gross Income

Tax Tip – Identifying Gross Income

Internal Revenue Code section 61 defines gross income as “all income from whatever source derived.” This definition reaches your worldwide income, so it is important to understand exactly what “income” means. There are a couple of approaches to the definition of income. One approach is the Haig-Simons approach which indicates that income is the sum of … Continue reading Tax Tip – Identifying Gross Income