What in the **** are you talking about?
Posted on: September 29, 2020 at 13:43:13 CT
tigerdb MU
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"pay themselves" - are you referring to a salary (from a corporation that one owns)? A partnership or member draw (or guaranteed payment" from a LLC?
Rich people or not-so-rich people draw $ from businesses in different manners, dumb****. I the case of an LLC, a member doesn't "draw a salary" (or "take out income" - for a simpleton.) The income/loss is passed through to the LLC member(s), whether or not they take a draw (or "guaranteed payment" - treated as ordinary income and subject to SE tax).
"take out income"...yeah, you're a rich one.
In trump's case, I doubt that he takes a draw - most likely every dime that he spends is ran through the business, and at the end of the month/year, some bean counter makes an effort to separate the personal stuff (which is then classified as a GP - hopefully.)