Income, in simple words, refers to the money an individual or business earns from various sources like work, investments, or sales. It’s the foundation for managing expenses, savings, and investments. Income can come in many forms, including wages, salaries, bonuses, rental income, and returns on investments. Regular income helps people meet their daily expenses, save for future goals, and plan for long-term financial security. Different types of income can be taxed differently, so understanding income types is also important for tax planning.