Avoid The Tax ‘Widow’s Penalty’, Max Out Your 401(k), Toyota Recall

Don t Let 'Widow s Penalty' Blindside You | Max Your 401(k) Contributions Now Before the Deadline | Toyota Recalls 1.85 Million RAV4s: What To Know Created for {EMAIL} | [Web Version]( November 8, 2023 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Instagram]( [SIGN UP]( ⋅ [WEBSITE]( [] Top Story [] [Don’t Let 'Widow’s Penalty' Blindside You]( [Don t Let 'Widow s Penalty' Blindside You]( (Getty Images) There are many changes that accompany the death of a spouse. Many people know their financial position will shift — but many may not anticipate or appreciate the financial fallout of changing your filing status. The impact of moving from married filing jointly to single is significant. CFP Joe Schmitz Jr. points out that while we cannot control the tax code or laws, we can control how we plan for it. [Learn more about the tax changes that will occur and how to best address them](. 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Toyota has discovered a defect that has prompted the car manufacturer to issue a recall of about 1.85 million sports utility vehicles. The problem involves replacement of some 12-volt batteries that have smaller top dimensions than others. [Read on to find out which model years were recalled and how Toyota plans on fixing this problem](. [] Income tax [] [Hobby Income: What It Is and How It’s Taxed]( [Hobby Income: What It Is and How It s Taxed]( (Getty Images) Hobbies sometimes generate income, and the IRS requires you to report all your income; hobby income is no exception. Determining whether your revenue stream qualifies as hobby income isn’t always easy. Be careful, because reporting your income in the wrong area on your return can lead to processing delays and might even land you a tax penalty. [Our tax team will tell you what the IRS considers a hobby and help you determine if you have income from a hobby, if you can deduct any expenses and how to properly report that income](. 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