LLC Expenses vs. Standard Deduction

[Dave Craig]

I know this is a very basic question, but I've read quite bit about real estate investing and taxes at this point and haven't seen it clearly stated. Since the LLC is a passthrough entity, do the business expenses (plus your personal itemized deductions) have to exceed the standard deduction for a personal tax return to even matter or is the fact that this would be included in the calculation for Net Profit allow you to get the benefit of "pre-tax expenses" separately from the portion of your taxes related to your personal 9-5 income?
Similarly, if your business operates at a loss, does that loss plus other itemized deductions also have to exceed the standard deduction before it becomes a factor?