Georgia Department of
Taxpayer Services Division
Personal Tax Forms
::Internal Revenue Services::
Charities & Other Non-Profits
Use Your Federal Tax Refund to Buy
Savings Bonds Series I bonds are low-risk bonds that grow in
value for up to 30 years.
While you own them they earn interest and
protect you from inflation.
Here are six things you should know about
using your federal refund to purchase savings bonds.
1. You may use a portion of your refund to purchase up to
U.S. Series I Savings Bonds for yourself or anyone.
2. The total amount of saving bonds purchased must be in
$50. Any portion of your refund not used to buy savings
bonds will be deposited into another financial account -
such as a checking or savings account or can be mailed to
you as a paper check.
3. Paper bonds will be issued in your name or the name
you designate as primary owner, co-owner or beneficiary. If you are
married and filed a joint return, the bonds will be issued
in yours and your spouse's name. You can also designate a
bene-ficiary or co-owner under this name registration option.
4. You will receive the U.S. savings bonds in the mail.
5. Buying bonds with your refund is easy. Just notify
your tax preparer
or select this option by filing Form 8888, Allocation of
Refund (Including Savings Bond Purchases).
6. Form 8888 has step-by-step instructions on how to
select this option and how to specify the amount of your refund you want to
use to purchase savings bonds.
For more information about the U.S. Savings Bonds refund
option visit the IRS website at
Accounting and Tax Advisory Services, Inc. is the brainchild of
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Points to keep in mind when choosing a
::News & Updates::
WASHINGTON — Following last
week’s tax law changes, the Internal Revenue Service
announced today the upcoming tax season will start on
time for most people, but taxpayers affected by three
recently reinstated deductions need to wait until mid-
to late February to file their individual tax returns.
In addition, taxpayers who itemize deductions on Form
1040 Schedule A will need to wait until mid- to late
February to file as well.
The start of the 2011 filing
season will begin in January for the majority of
taxpayers. However, last week’s changes in the law mean
that the IRS will need to reprogram its processing
systems for three provisions that were extended in the
Tax Relief, Unemployment Insurance Reauthorization and
Job Creation Act of 2010 that became law on Dec. 17.
People claiming any of
these three items — involving the state and local sales
tax deduction, higher education tuition and fees
deduction and educator expenses deduction as well as
those taxpayers who itemize deductions on Form 1040
Schedule A — will need to wait to file their tax returns
until tax processing systems are ready, which the IRS
estimates will be in mid- to late February.
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