My llc had total losses last year, my saved personal income funded it, how can I claim a credit vs owing tax?

Any one particularly familiar with Georgia tax law?

You would be able to deduct losses from a single-member LLC on your federal tax return. Report your income and expenses on Schedule C. You do not get a "credit." Your losses will offset any other income you have, thereby reducing your tax liability.

If you are the only shareholder of the LLC it is treated as a sole proprietorship and your expense goes on Schedule C

if the LLC has two or more shareholders, you file a 1065 with IRS for the LLC and a K! for each shareholder. The K1 amount would go on Schedule SE of your tax return.

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