Video: Gross Income Basics

In this lesson, Nick Palazzolo, CPA, dives into the nitty-gritty of what constitutes gross income, shedding light on a comprehensive range of inclusions from the obvious wages and salaries to the peculiar, like discovered treasures. He elucidates the distinction between realized and recognized income while offering real-world applications and implications of these concepts. Nick also navigates through the tax treatments of non-cash benefits, such as the use of company cars or gym memberships, the subtleties of bargain purchases, and the tax implications of bartering services in our everyday lives. Whether it's understanding the tax-exempt status of municipal bond interest or the taxability of fringe benefits, this lesson is peppered with detailed examples to help thoroughly grasp the intricacies of gross income.