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How do I claim cash purchases on my business taxes?

I just started my welding business in January 2007 and paid cash for all of my equipment. I'm not sure how to claim this. I haven't taken in any revenue on this business yet, and am still in the set up process.
Pam Newman answered December 18, 2007
URL: http://www.entrepreneur.com/answer/221240
Purchasing large dollar equipment (over $500) will be categorized as the purchase of an asset. If the cash came from personal funds, then the offsetting entry to assets will be either a loan to the company from you or as an equity investment. The best thing to do is visit with your business tax accountant to discuss the pros/cons of both options as it relates to your specific situation.
Pam Newman is a Certified Management Accountant, author and Certified QuickBooks ProAdvisor for Financial and Point-of-Sale software. She is also president of RPPC, Inc., which provides customized business development services.