2 | RKL 2018 Year-End Tax Planning Guide RKL 2018 Year-End Tax Planning Guide | 3 As always, please contact your RKL advisor before implementing any of the strategies outlined in this guide. Our team stands ready to assess and evaluate each opportunity within the context of your unique financial situation. QUICK LOOK: KEY 2018 TAX FIGURES & FILING DEADLINES 2018 YEAR-END TAX PLANNING GUIDE The Tax Cuts and Jobs Act significantly altered the U.S. tax landscape and upended decades of conventional wisdom and planning strategies when it was signed into law in December 2017. RKL’s team of tax advisors took a deep dive into tax reform so our clients didn’t have to, sorting through the glut of information and delivering the answers and strategies to help you come out on top. The 2018 installment of RKL’s Year-End Tax Planning Guide is packed with real opportunities for maximum business and personal tax savings under the new law. It also highlights perennially important information and considerations for individuals and business owners. As federal regulators continue to untangle tax reform’s complexities and derive technical regulations from the legislative language, you can be sure the RKL team is monitoring this activity and will continue to update our clients and connections. We’ve noted throughout the guide instances where additional regulatory guidance is forthcoming or further federal clarification is needed. Stay tuned to RKL’s dedicated Tax Reform Resource Center, Real Insights e-news and LinkedIn feed for more information and updates. PAGE 03 PAGE 04 PAGE 14 Key Tax Figures & Due Dates Individual Tax Planning Wealth Management Business Tax Planning STANDARD DEDUCTION Married Filing Jointly $24,000 Single $12,000 Head of Household $18,000 Married Filing Separately $12,000 FEDERAL ESTATE TAX 40 percent GIFT TAX EXCLUSION Single $15,000 Married Filing Jointly $30,000 HSA CONTRIBUTION (Employer & Employee) Self only $3,450 Family $6,900 IRA CONTRIBUTION (Traditional & Roth) $5,500, with additional $1,000 catchup over age 50 DEADLINES FOR 2018 INDIVIDUAL & BUSINESS TAX FILINGS TAX TYPE DUE DATE (for calendar year entities) Partnerships (Form 1065) & S Corporations (Form 1120S) March 15, 2019 Individuals (Form 1040), C Corporations (Form 1120), Foreign Bank and Financial Reporting Form (FBAR) FinCEN Report 114 and Trusts and Estates (Form 1041) April 15, 2019 Tax-exempt Nonprofit Organizations (Form 990) May 15, 2019 Filing extensions for Partnerships & S Corporations September 16, 2019 Filing extension for Trust and Estates October 1, 2019 Filing extensions for Individuals, Foreign Financial Reporting & C Corporations October 15, 2019 Filing extension for Tax-exempt Nonprofit Organizations November 15, 2019 PAGE 20 RKL 2018 Year-End Tax Planning Guide | 3