Tim, a single taxpayer, operates a business as a single$-$member LLC$.$ In $2024,$ his LLC reports business income of $$225,000$ and business deductions of $$595,000,$ resulting in a loss of $$370,000.$ What are the implications of this business loss? Can this business loss be used to offset other income that Tim reports? If so$,$ how much? If not, what happens to the loss?