If your business operated at a loss on Schedule C, you may be able to deduct the loss against other income on your tax return. A net loss on Schedule C reduces your overall taxable income, potentially resulting in a lower tax liability. The amount of the loss you can deduct depends on various factors, including your total income, the nature of your business, and whether you meet the criteria to claim the loss. It is recommended to consult with a tax professional or review the IRS guidelines to understand the rules and limitations associated with deducting business losses on Schedule C.