The U.S. government provides its own bonds from the treasury and from a number of government companies. Those maturing in less than one year are referred to as T-bills. Bonds that mature in one to ten years are T-notes, and those that take more than 10 years to grow are treasury bonds. Sometimes, you don't have to pay state or local income taxes on the interest they make.

Munis finance things like healthcare facilities, schools, power plants, streets, office structures, airports, bridges and so on. Towns usually release bonds when they need more cash than they gather through taxes. The advantage about community bonds is that you do not have to pay federal income taxes on the interest they make.

While business bonds are a higher risk than government bonds, they can earn a lot more cash. There's also a much bigger choice of corporate bonds. The disadvantage is that you do have to pay federal earnings tax on the interest they earn.

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