Tax Year Prior to 2020: Is the initial investment into my Business Bank account to start the account tax deductible?

[fserranojr84]

And any other personal funds added to the business bank account tax deductible?

[KarenL2]

Unfortunately, no.  If you are filing a Schedule C as a sole proprietor, then the amounts you contribute to the business don't get entered anywhere on the tax return.  The Schedule C is simply netted with your other personal income and expenses on your form 1040. It's as if it's all your "personal" money as far as filing your taxes are concerned.  Also, you don't pay yourself or issue a 1099-MISC or W-2.  There is also no deduction for an Owner's Draw.