Video: Introduction to Gross Income

In this lesson, Nick Palazzolo, CPA, unravels the components of gross income, providing clear insights into what qualifies as gross income and its significance in tax preparation. With an accessible breakdown of the tax forms related to income reporting, Nick ensures that the concept of gross income is no longer a mystery, highlighting its role as the foundation for determining taxable income. He doesn't just stick to theory; Nick also includes practical tips on how knowing the layout of tax forms can help in understanding the various income items that contribute to the 'gross income' total. The lesson smoothly transitions into discussing how gross income differs from Adjusted Gross Income (AGI), using examples and visuals to elaborate on the deductions that bridge gross to AGI, thereby setting the stage for a deeper dive into income adjustments in future lessons.