It's easy to put off taxes---until the years pile up, and suddenly, the task feels impossible. But you don't have to do it alone. What if I told you that catching up on back taxes is simpler than it seems, and getting started today could save you from bigger problems tomorrow?

On this episode of Become Sensible, I introduce my new co-host, Anh, and together we dive into the story of “Samantha”, a graphic designer who came to us with three years of unfiled taxes. We walk through the exact steps I take with clients to prioritize the oldest tax year, minimize penalties, and catch up on bookkeeping. 

"The best time to start is yesterday, and the second-best time is today." 

If you've been avoiding your taxes out of fear or overwhelm, I want to assure you---it's never too late to turn things around. 

Connect

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

Timestamps

• 0:00 - Introduction to the episode and my new co-host, Anh  
• 2:00 - “Samantha's” story: A graphic designer with three years of unfiled taxes 
• 5:15 - Where do you even start if you haven't filed taxes in years?  
• 8:30 - Should you manage your taxes or hire a CPA?  
• 10:45 - Using AI-powered accounting tools for faster tax prep  
• 14:00 - How does the IRS calculate penalties and interest?  
• 17:00 - Can you request a waiver for penalties?  
• 20:45 - Fixing automatic IRS filings with amended returns  
• 24:30 - How important is keeping up with bookkeeping?  
• 27:00 - Encouragement: "Better late than never"  
• 30:00 - Final thoughts: Don't be ashamed---just start today

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Q4 is here---are you ready to finish the year on a high note? Whether you've had an incredible year so far or faced challenges, now is the time to set strategic financial goals to close 2024 with success. But how do you ensure these goals are actionable and impactful?

On this episode of Become Sensible, I walk you through a step-by-step approach to setting up your business's financial plan for Q4. From assessing historical data to identifying key performance metrics and setting ambitious yet achievable goals, I provide a practical blueprint for business owners. You'll also learn about the importance of tracking your progress and how to adjust strategies based on real-time data, ensuring your business is positioned for growth as the new year approaches.

"Failing is a part of the business journey, but it's how we use those lessons that determine our future success."

Connect

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

***

Timestamps

• 0:00 - Introduction and the significance of Q4 planning
• 1:30 - The importance of financial reflection and historical data analysis
• 3:00 - Key questions for evaluating your financial performance over the past nine months
• 5:00 - How to set Q4 financial goals that are both challenging and achievable
• 7:30 - Product and offering strategy: Adapting to market changes and customer behavior
• 10:00 - Cash flow and profitability targets for Q4
• 12:00 - The impact of changing identity and aligning actions with your goals
• 14:30 - The role of tracking financial habits and progress
• 16:00 - The importance of adapting strategy based on real-time data
• 18:30 - Communicating your business

21:00 - Encouragement for building a strong foundation for long-term business success

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As a business owner, figuring out how to pay yourself can be one of the most challenging decisions you face. It’s not just about taking a paycheck—there are tax implications, cash flow concerns, and long-term financial impacts to consider. How do you make sure you're doing it right?

On this episode of Become Sensible, I break down everything you need to know about owner distributions. I’ll guide you through the different ways to compensate yourself, including how distributions differ from payroll, and what this means for your taxes. No matter if you're a sole proprietor, running an LLC, or managing a corporation, you'll come away with a clear understanding of how to pay yourself and manage your personal finances while staying on top of your tax obligations.

"Distribution is not just a paycheck; it’s a financial decision with long-term implications."

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

***

Timestamps:

• 0:00 – Introduction to owner distributions and tax implications
• 1:30 – What is an owner distribution, and how does it work?
• 3:00 – Owner distribution vs payroll: Key differences
• 5:00 – Understanding your business structure and its effect on taxes
• 7:30 – Real-life example: How an S-Corp owner handles payroll and distribution
• 10:00 – The risks of drawing too much from your business
• 12:00 – Tax implications for sole proprietors, LLCs, partnerships, and corporations
• 15:00 – The importance of managing owner equity and reasonable compensation
• 17:00 – How to plan your owner compensation with tax strategies in mind
• 20:00 – Wrap-up and final thoughts on paying yourself as a business owner

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Ever wondered how to stay agile while keeping your business finances on track? Budgets provide structure, but what happens when market conditions shift? How do rolling forecasts help you adjust in real time? The answers may surprise you.

On this episode of Become Sensible, we’ll dive into the fundamental differences between financial budgets and rolling forecasts. I’ll explain how budgets offer a snapshot of your business plan, set at the start of the year, while rolling forecasts give you the flexibility to adjust projections based on real-time performance. You'll learn how to combine both tools to drive smarter business decisions and stay ahead of changes in your market.

Whether you're preparing for year-end or planning for the next quarter, this is one episode you’ll want to pay attention to.

"Budgets set the goal, but rolling forecasts bring reality into focus."

Links

• Previous Episode on Budgeting

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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Are you overwhelmed by the pressures of running a business? Feeling like the weight of taxes, finances, and daily responsibilities is too much? In this episode, we dive deep into the realities entrepreneurs rarely talk about --- the hard parts. But don't worry, there's a proven method to turn things around, and it's all about resilience.

On this episode of Become Sensible, Fiona shares her personal journey of applying the principles of the 75-Day Hard Challenge to both her business and life. She breaks down how setting daily habits like reading, networking, and financial discipline can completely transform your business performance. Learn how small changes can lead to massive growth and how you can close the year with momentum by starting your own 75-day challenge today.

"Running a business is hard, but you have everything you need to overcome the challenge."

Links:

• Atomic Habits by James Clear
• 75 Hard Challenge Rules

Connect

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

****

Timestamps

0:00 - Introduction and business struggles

2:30 - Introduction to the 75-Day Hard Challenge

5:00 - Rules of the 75-Day Hard Challenge

7:00 - Personal experience and impact of the challenge

8:30 - Productivity and deep work

10:30 - Applying the 75-Day Hard principles to business

15:00 - Content creation and productivity systems

16:30 - Benefits of the 75-Day Hard Challenge

19:00 - Tips for preparing and succeeding with the challenge

22:30 - Personal goal of completing a triathlon

24:00 - Encouragement and concluding thoughts

28:00 - Closing remarks  

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Are you a business owner, freelancer, or have income from multiple sources? I know firsthand how overwhelming estimated taxes can feel, but trust me---it's crucial to your financial health. Want to know how to avoid penalties and make the process smoother? 

On this episode of Become Sensible, I'm breaking down the basics of estimated taxes. I'll explain why it's necessary to pay throughout the year, the deadlines you can't miss, and what strategies you can use to avoid a hefty tax bill at the end of the year. Whether you're earning from a business, investments, or a side hustle, I've got practical advice to help you manage your taxes effectively.

"Financial decisions are personal, and your tax strategy should be tailored to fit your unique situation." 

Links

• IRS: Estimated Taxes Overview
• Tax Planning Tips: Tax Foundation

Connect

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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Are you paying more taxes than you should? I get it—taxes are a huge part of your expenses, and most business owners don't realize how much they could actually save with the right strategies. If you want to keep more of your hard-earned money, you're in the right place. In this episode, I'm going to show you exactly how to do that!

On this episode of Become Sensible, I will walk you through some of the most powerful tax-saving strategies out there. From understanding tax brackets to selecting the best business structure, maximizing deductions, and even contributing to your retirement---there are so many ways to make small changes that can lead to massive savings. Whether you're new to business or you've been at it for years, these tips could save you tens of thousands of dollars every year!

"A good accountant isn't just a cost; they're an investment in your future wealth." 

Links:

• IRS Tax Brackets

Connect:

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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Are you a small business owner wondering whether a fractional CFO could be the secret to unlocking sustainable growth? The answer might surprise you. Discover the hidden power of having a financial expert on your side, without the full-time price tag.

On this episode of Become Sensible, we dive deep into the world of fractional CFOs. Whether you're navigating a growth phase, facing financial challenges, or preparing to raise capital, this episode breaks down how a fractional CFO can be the strategic partner your business needs. From understanding when to hire one, to the different types of fractional CFOs available, we explore all the key considerations that can transform your financial outlook and help you achieve your business goals.

"A fractional CFO is more than just a numbers person; they're a trusted advisor who helps align financial strategy with your business goals."

Connect:

Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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Do you feel like financial forecasting is a mystery? Are you unsure how to predict the future of your business finances with confidence? In today's episode, I'm unveiling the secrets of financial forecasting---a crucial tool that can make or break your business. Ready to dive in?

On this episode of Become Sensible, I guide you through the essential elements of financial forecasting. From predicting sales and expenses to understanding the importance of cash flow and income projections, this episode is packed with insights that will empower you to make informed financial decisions. I also share practical tips for implementing financial forecasting, even if you're just starting out, and discuss why it's vital in today's unpredictable economy.

"Forecasting is not about having a crystal ball; it's about preparing for whatever the future may hold." 

Links:

• QuickBooks Online - A recommended tool for financial reports and forecasting.
• Financial Forecasting Software - Explore various tools for small businesses.

Connect:

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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What if I told you that selecting the right accounting software could be the key to saving time, reducing errors, and gaining the financial insight your business needs to thrive? This decision is more than just about convenience---it's about setting your business up for long-term success in an ever-changing market. 

On this episode of Become Sensible, we’re going to dive deep into the world of accounting software, breaking down the key features you need to consider to make an informed choice. From user-friendliness and automation to the importance of scalability, this episode covers it all—I’ll share my expertise, honed from years of experience with top software systems like QuickBooks, Xero, and FreshBooks, to guide you toward a solution that fits your unique business needs. 

“Choosing the right tools is a powerful step toward success.”  

Links: 

• Forbes on Labor Cost Reduction
• Accountancy Age on Cloud Accounting Software

Connect:

• Follow me, Fiona Nguyen, on LinkedIn. Learn more about Balannx.

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