Income
Income is the compensation you receive in exchange for labor,
services, the sale of goods or property, or as a profit from
investments. Income can be in many forms, including cash or cash
equivalents, properties, securities, and services.
Generally, amounts included in your income are taxable unless
they are specifically exempted by law. You are usually taxed on
income available to you, regardless of whether the income is
actually in your possession. For example, an uncashed check is
available to you any time you need it, so it is considered income
when received.