Joy (age 45) and Blake (age 48) Hembrow are happily married and live in Alpharetta, GA. They have six children together: Sally (age 3), Monica (age 9), Robert (age 12), Rebecca (age 16), Lukas (age 18), and Jacob (age 21). Joy is an anesthesiologist at Emory Hospital and annually earns $280,000. Blake is a carpenter for a local company and annually earns $52,000. Their combined annual, household income is $332,000.

Joy and Blake have each been saving for their retirement over the years. Joy annually contributes $11,350 to her 401(k) plan. The balance of her 401(k), to date, is $304,300. Blake annually contributes $5,000 to his SEP IRA and the balance of his retirement account, to date, is $84,500. Joy and Blake would each like to retire when Joy reaches age 62 and would like to purchase a lake house on Lake Lanier in the future.

Jacob is a full-time student at Georgia Tech studying Biomedical Engineering. The annual cost of attendance for an in-state student at Georgia Tech is approximately $28,000. Jacob has the HOPE scholarship and only had to pay for $9,715 worth of expenses (2,500 for fees, $1,750 for lab equipment, $900 for textbooks, and $4,565 for on-campus housing). Joy and Blake used Utah 529 Plan withdrawals to pay for Jacobs college expenses and intend on renaming the plans beneficiary in 2019. In 2018, Jacob withdrew $9,500 from the 529 plan.

Joy and Blake also dabble in the stock market. Blake purchased 12 shares of Amazon stock on August 9th, 2018 for $1,880 per share. On December 28th, 2018, Blake sold all 12 shares for $1,670 per share. On January 13th, 2019, Blake rebought the 12 shares for $1,750 per share. Blake also purchased 27 shares of VFINX, a Vanguard S&P 500 index fund, for $265 per share on August 22, 2018. Blake sold the 27 share of VFINX on October 12, 2018 for $232 per share. Blake then bought SWPPX, a Charles Schwab S&P 500 mutual fund, for $233 per share on November 10, 2018.

While Blake holds stocks and mutual funds, Joy holds Incentive Stock Options granted by her employer. On July 1^stof 2018, she exercised 2,000 ISO that had been granted to her on January 1, 2017. The ISOs had an average exercise price of $1.50 per share and on the date that she exercised the options, the companys stock was trading for $42 per share. She has not sold the stock.

Joy and Blake have come to you for some financial advice and have brought the following information.

2018 Financial Information	Joy	Blake	Total (Household)
Income	$280,000	$52,000	$332,000
401(k) Contribution	$11,350	$0	$11,350
401(k) Balance	$304,300	$0	$304,300
SEP Contribution	$0	$5,000	$5,000
SEP Balance	$0	$84,500	$84,500
State Sales Taxes	$12,500	$12,500	$25,000
Annual Property Tax	$7,500	$7,500	$15,000
State Income Tax	$17,000	$3,000	$20,000
Medical Expenses	$12,750	$7,200	$19,950
Charitable Contributions	$17,000	$400	$17,400
College Expenses (for Jacob)	$9,715	$0	$9,715

What is Joy and Blakes tax liability for 2018? What recommendations do you have for the Hembrow family moving forward? Please write a 1-2 page financial plan, with an emphasis on tax planning, for the Hembrows that aligns with their goals and financial standing.