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TeachMeFinance.com - explain Income Income -- Money or its equivalent, earned or accrued, arising from the sale of goods or services. historic definition... Income -- Revenue; the amount of money coming to a person or a corporation (usually interpreted as meaning annually), whether as payment for services or as interest or other profit from investment. historic accounting definition (British)... Income -- (a) The total annual profit made by a person, whether derived from services rendered, investments, or trading. (b) The gross profits of a non-trading business. (c) The total subscriptions, etc., received by a non-profit earning undertaking, as a club or hospital. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.