Good day DrewE83,
Congratulations on being a new business owner.
If you have a net loss from a single member LLC that is shown on Schedule C of your tax return, the loss will offset other income (wages, interest, dividends etc) on your tax return in the current year. If after offsetting other income on your return, your AGI is a net loss, you may be able to carryforward, as a net operating loss, all or part of the loss from the business.
Here is an IRS publication that will give you more information about NOLs
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