The U.S. federal government provides its own bonds from the treasury and from a number of government agencies. Those growing in less than one year are known as T-bills. Bonds that develop in one to 10 years are T-notes, and those that take more than ten years to grow are treasury bonds. In some cases, you don't need to pay state or regional income taxes on the interest they make.

Munis finance things like healthcare facilities, schools, power plants, streets, office complex, airports, bridges and so forth. Towns generally provide bonds when they require more money than they collect through taxes. The good thing about community bonds is that you don't have to pay federal income taxes on the interest they earn.

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