I own a small business. If I take an equity draw from from the company, as opposed to a dividend or cut of the profit, do I have to declare what I receive from the equity draw as income on my personal tax return? My personal thought is no because the money taken out of the company I had originally put there from my personal finances--like putting money in a bank and later withdrawing it--so it wouldn't be re-taxed. I'd like to get others' thoughts on this.
You tagged with S-Corp, so I assume that you have that tax status. Under that situation, you don't get taxed on distributions regardless of what you call them. You get taxed on the portion of the net income that is attributable to you through the Schedule K that the S-Corp should distribute to you when the S-Corp files its tax return. You get taxed on that income whether or not it's distributed.
If you also work for the small business, then you need to pay yourself a reasonable wage. The amount that you distribute can be one factor in determining reasonableness. That doesn't seem to be what you asked, but it is something to consider.