I have a small business here in the US that incurred a net loss this year. I have spent more than what I have earned, and according to quickbooks, I have +X amount of total deductions for 2016.
+X meaning a positive number
What does this mean? I receive federal money because I was in the military and because I'm a college student. Therefore, I do not have any earnings whatsoever from jobs.
Going back, what does a total deductions number mean and what is going to happen to it considering my financial situation?
UPDATE: I have a sole proprietorship.