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How can you make your operating budget more transparent?

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An operating budget is a plan for how you will spend and earn money in a given period, usually a year. It helps you align your financial resources with your strategic goals and measure your performance. However, an operating budget can also be a source of confusion, frustration, and mistrust if it is not clear, accurate, and accessible. How can you make your operating budget more transparent and improve your financial management? Here are some tips to consider.

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1 Define your budget assumptions

Before you start creating or reviewing your operating budget, you need to document and communicate the assumptions that underpin it. These are the factors that affect your revenue and expenses, such as market conditions, customer demand, inflation, exchange rates, regulations, and so on. By defining your budget assumptions, you can explain the rationale behind your numbers, anticipate potential risks and opportunities, and adjust your plan accordingly.

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Don Sabwa

HEALTH CARE FINANCIAL & OPERATIONS CONSULTANT
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Celebrating success is key to boosting morale, motivation, and productivity. A post-mortem analysis of budget performance is a great way for organizations to recognize their achievements and the efforts of their teams. By comparing actual results with budgeted figures, companies can identify areas where they performed better than expected and reward those responsible for exceeding targets. Let's celebrate these successes and keep the momentum going! #budgetperformance #success #teamwork

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Carlos S Ezquerro .

For your best interest. Realtor DRE: #01238493 - I can keep you in the game, and keep you going by knowing the rules of the game. Just text me at (408) 898-0336. I negotiate on your behalf, guide you through the process.
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Did you know that the 1031 Exchange and Section 121 on capital gains could be effective tools for leveraging tax deferrals on income property? According my partner Business Development Manager 1031 Exchange Specialist, 1031 Exchange Bill defers depreciation taxes on investment property only if the property had been a rental for the last two years and with a time-table to reinvest in another investment property, or properties. These property needs to be identified in within 45 days and close escrow within 180 days. The benefit is in deferring taxes and postponing tax payments until a later date, that could be expected to have a lower tax bracket in the future. When appropriate, this could be done by selling an investment property.

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2 Use a standard format and terminology

To make your operating budget more transparent, you need to use a consistent and understandable format and terminology. This means following the same structure, categories, and labels for your income and expenditure items across your organization. You also need to avoid jargon, acronyms, and abbreviations that might confuse your stakeholders. Using a standard format and terminology will help you compare your budget with your actual results, identify variances, and report on your progress.

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Carlos S Ezquerro .

For your best interest. Realtor DRE: #01238493 - I can keep you in the game, and keep you going by knowing the rules of the game. Just text me at (408) 898-0336. I negotiate on your behalf, guide you through the process.
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When appropriate, this could be done by selling an investment property and then replacing it with a like-kind property, or properties that are of the same or greater value as the original. 1031 Exchange could be the solution, by consolidating several properties into one. Owners might be able to defer their capital gains tax, from the sale of investment property when transferring the funds to another property such as a rental. If considering selling an investment property, it is important to obtain the advice of a tax advisor or Business Development Manager 1031 Exchange Specialist to determine whether a 1031 exchange is right for the moment.

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3 Involve your team and stakeholders

Another way to make your operating budget more transparent is to involve your team and stakeholders in the budgeting process. This means soliciting their input, feedback, and approval on your budget assumptions, goals, and projections. By involving your team and stakeholders, you can foster a sense of ownership, accountability, and collaboration. You can also leverage their expertise, insights, and perspectives to improve your budget accuracy and quality.

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Carlos S Ezquerro .

For your best interest. Realtor DRE: #01238493 - I can keep you in the game, and keep you going by knowing the rules of the game. Just text me at (408) 898-0336. I negotiate on your behalf, guide you through the process.
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When appropriate, it could help solved problems of depreciation, particularly for trap equity after 27.5 years of owning a property, or 39.5 years for commercial property; after there is no more depreciation to write off on such property. It could reduce risks and maximize returns on real estate investments. Consolidating several properties into one or two could make it easier for the investor to manage those properties, rather than paying for the services of a property management company. Investors cannot benefit from using deferred funds for their own expenses. After close of escrow on investment property, funds are to be transferred to an escrow account for the purchase the next investment property.

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4 Share your budget information

Once you have finalized your operating budget, you need to share it with your team and stakeholders in a timely and appropriate manner. This means providing them with access to your budget information, either through online platforms, reports, or presentations. You also need to explain the key highlights, challenges, and risks of your budget, and how it supports your strategic objectives. Sharing your budget information will help you increase your transparency, credibility, and trust.

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Carlos S Ezquerro .

For your best interest. Realtor DRE: #01238493 - I can keep you in the game, and keep you going by knowing the rules of the game. Just text me at (408) 898-0336. I negotiate on your behalf, guide you through the process.
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No loan fees are allowed to be used with these funds; on the other hand, funds could be used for deposits, broker’s commission, and exchange fees. Section 121 Exclusion is an IRS rule could allow home owners to exclude some tax and gain up to $250,000., from the sale of their personal residence; a couple filing a joint return could exclude up to $500,000. from their taxable income, which could be available as a tax-write off, if title owner has lived in the property for two of the last 5 years. An investor could be tired putting off with maintenance of the properties, tenants request for repairers, payments on disposing trash and taxes (4t’s tenants, toilets, trash, and taxes).

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5 Monitor and update your budget regularly

Finally, to make your operating budget more transparent, you need to monitor and update it regularly. This means tracking your actual revenue and expenses against your budgeted figures, analyzing the causes and impacts of any variances, and taking corrective actions if needed. You also need to communicate any changes or adjustments to your budget to your team and stakeholders, and explain the reasons and implications. Monitoring and updating your budget regularly will help you stay on track, adapt to changing circumstances, and achieve your financial goals.

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Carlos S Ezquerro .

For your best interest. Realtor DRE: #01238493 - I can keep you in the game, and keep you going by knowing the rules of the game. Just text me at (408) 898-0336. I negotiate on your behalf, guide you through the process.
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If there could be some co-owner’s disagreements, for instance, getting out of a fractional ownership of a rental property to purchase another whole ownership. In fact, relocation could sometimes be done with leveraged tax deferral benefits, improving cash flow, and diversifying, consolidating, or reinvesting in one or more homes in or out of the state. One of these properties might later become investor’s next, or forever home. If relocating out of state, we could know the best realtor in town, since we have sister offices both national-wide and world-wide.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Carlos S Ezquerro .

For your best interest. Realtor DRE: #01238493 - I can keep you in the game, and keep you going by knowing the rules of the game. Just text me at (408) 898-0336. I negotiate on your behalf, guide you through the process.
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Relocation could be stressful and exciting, so we could help with a list of local vendors and contractors, such as financial planners, accountants, declutter professionals, moving companies, packers, and home restoration. Consult a tax advisor and Business Development Manager 1031 Exchange Specialist to determine if tax deferral with 1031 Exchange tax break is a right move, and if the Capital Gain Section 121 Exclusion is an IRS rule could be feasible.

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How can you make your operating budget more transparent?

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1 Define your budget assumptions

2 Use a standard format and terminology

3 Involve your team and stakeholders

4 Share your budget information

5 Monitor and update your budget regularly

6 Here’s what else to consider

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