Sorry. It can only reduce your taxable income to zero so you don't owe any regular income tax.
But you will still owe self employment tax on a Net Profit on Schedule C.
Also, If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return. The rest you have to carryover to next year. You have to report the carryover every year until it's used up. You can't skip a year.
