Bought a business can i deduct the equipment and also the interest on the loan i took to buy the business

The equipment you purchased is a business asset, subject to depreciation. Depending on the cost, you may be able to claim accelerated depreciation (Section 179 or Special Depreciation) for up to 80% of the cost. The price of the business is an investment, which is not deductible on your tax return. The loan interest is a business expense.

Note that if you purchased a franchise, you may amortize the purchase cost over 15 years. This means you take a deduction equal to one-fifteenth of the cost each year.

Additional Information:

• Beginner's Tax Guide for the Self Employed 
• Where do I enter Schedule C?
• What self-employed expenses can I deduct?