World News: The Daily Money: Macy's, Bed Bath & Beyond to close more stores

ALL THE MONEY NEWS YOU NEED TO KNOW

Thursday, January 6

Good morning and happy Thursday, Daily Money readers. Jayme Deerwester back with you.

ANOTHER YEAR, ANOTHER ROUND OF STORE CLOSURES. On Wednesday, Macy's and Bed Bath & Beyond both announced they would shutter more stores in 2022. Macy's, which is in the last year of a three-year optimization plan, will shut down 36 stores in 17 states – most by spring.

In this latest round of Bed Bath & Beyond closures, New York will lose seven stores, five California stores will close and four Washington state locations. Arizona, Georgia, Minnesota, Pennsylvania and Texas will lose two stores apiece. Alabama, Florida, Idaho, Michigan, Missouri, Mississippi, New Jersey, Ohio, Virginia, Wisconsin and West Virginia are each losing one store.

On to ...

💡 TODAY'S INSIGHT: If you've traditionally used TurboTax's Free File system for your taxes, we've got bad news you'll have to go elsewhere this year: "Intuit has elected not to renew its participation in the IRS Free File Program and will no longer be offering IRS Free File Program delivered by TurboTax," the company's website announced . It's the second big tax-filing company to drop its free-filing program: H&R Block ended its in 2020. But wherever you end up filing, remember: you have to report your stolen property and bribes on your 1040 form.

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MOOD MUSIC. In honor of anyone who now has to go find a new free tax-filing program (Credit Karma, y'all), I've chosen the Beatles classic "Taxman": "Should 5% appear too small, be thankful I don't take it all. 'Cause I'm the taxman."