Tax Time - The Best Time of Year to Save

Savings bond program makes it easy to save toward a long-term goal.

When you receive a large tax refund for all your hard work, it's easy to put away as little as $50 to save for a long-term goal. This year, right on your tax form you can select an option to receive part of your refund as a savings bond. U.S. savings bonds are a government investment that guarantees you'll earn interest. The longer you keep them, the more the bonds will be worth. (If bonds are cashed in less than five years, there is a penalty of three months worth of interest.) There is no credit check and no fees are involved. Also, bonds can be purchased for children or grandchildren. This is a great way to put away money for college, for retirement, to purchase a home, or for any large expense down the road. Bonds can be cashed at most banks or credit unions.

Ask your tax professional at a VITA site or business about this offer. Or look for Form 8888 on your tax form.