We are filing jointly and both have incomes from pension plans and social security. The LLC is newly established in 2018 and separate from those sources of income. I am the sole owner and proprietor of the LLC as a self-employed person. I have no employees.
The loss from your LLC will first be used to offset any other ordinary income you may have. If there is an excess loss, you can report a Net Operating Loss on your 2018 tax return.
If you have a Net Operating Loss (NOL), that loss can be carried forward for future years. The option to carry it to the last 2 years has been eliminated by The Tax Cuts and Jobs Act, except for farming losses.
Please read this IRS document for more information:
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