So, what is “Gross Income” ? And seriously, why should we care?
Well, “gross income” is probably the most important concept you need to know in understanding income tax rules. And while I really don’t plan to teach anyone the intricate legal complexities of what is and isn’t “gross income”, since that would probably bore you to tears, I will leave you with this (extremely) basic definition:
Gross Income is the starting point in figuring out what you owe Uncle Sam.none