Amending personal return for S-corp filing that lost money

[Dgawrys]

Will i end up paying money to the IRS?

Do i file for 2012 for personal taxes and use all income from August2012-April2013 first and only year in business? My non CPA "hub" who handled all my finances and legal matters sent me extremely organized records. 1 qdm (which i cant open) and 2 pdf's. they include all
All financials for time in business not split up into 2 years.

After losing 5 figures in business even though i paid myself a 'reasonable salary' i still lost a lot on the venture including personal expenses i paid and filed thise under my own return
I am not in a fiscal situation to pay someone $500 to fill out my 1120S to amend my personal return.

I filed a return i got about 70% if my personal payroll taxes paid.

I ended up with a loss in 5 figure range after generating about $250,000 gross revenue.

Is that enough info to know

Will i lose money filing my amended return incorporating my 1120-S from 250-300k in revenue from august '12 to april '13?

Will i be able to incorporate all the income info from my company business year into my personal FY2012 amended return? I want to wrap that chapter up.

Hoping i can wrap this all up as i am fairly tax savvy just not in a complex s corp + personal income equation and i want to do so without a loss and maybe even better a financial gain.

The majority of loss came from payroll to employees. It was a high turnover sales business so my salary was 850/week gross and employees were at least a 175k liability. Others were rent, typical office expenses cable internet phones office supplies furniture and also travel. The travel was substantial but required by my contract with my broker who acquired our client for us. It was about 17k total which i know they wont like but all receipts are in tact and highly organized.

Thanks in advance for any advice at all anyone can contribute.

 

[Dgawrys]

Qbm file

Anyone out there who can open a .QBM file?
All you need is just about any version of Intuit Quickbooks.
Very grateful to anyone out there who can help me!

 

[The Finance Writer]

You have so many factors here that I highly recommend obtaining professional tax assistance immediately. Free consultations are offered to outline your situation and devise a strategy for keeping you out of very costly trouble with the IRS.

First, a QBM file will not open with "any version of Intuit QuickBooks." You must open it with the version from which the file was created or an earlier version. QuickBooks is not forward compatible.

The financial data in QuickBooks, if accurate, can produce reports for 2012 and 2013. The S corporation must file tax returns for both years.

Business expenses of a corporation that you personally paid are not deductible on your individual income tax return.

You cannot deduct the loss on an S corporation that exceeds your basis. Therefore, the 1120S may happily have no impact on your individual tax return.