@trailingedge22 wrote:
I was actually hoping someone could answer my question if taking a loss in the first year might help with the next year's tax burden.
The short answer is, "yes, you can deduct a net business loss (such as one that is passed through to you on a K-1 from an S corporation) from your other income".
Note, however, that you cannot carry that loss forward unless it results in an NOL on your individual income tax return.
Further, note that the late filing penalty applies whether the S corporation has net income or a net loss.
