Tax Time Savings: Help Clients Save with U.S. Savings Bonds

Tax Time Savings for all with U.S. Savings Bonds: Training Webinar

A Savings Crisis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Why Saving Matters ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ No one has ever spent his way out of poverty.” ~ Dr. Michael Sherraden

But Saving is Hard ,[object Object],[object Object],[object Object],[object Object],[object Object],Q: How many Americans currently hold Savings Bonds? A: 55 Million. (That’s 1 in 6!)

With Help, Anyone can Save ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],$500 invested in a US Savings Bond at 4% for 10 years will grow to $743. 6 Tax Clients want to Save In one study, 49% of VITA clients agreed: “ I wish that when I had cash, I was better disciplined & saved it rather than spent it.”

A Quick Quiz… ,[object Object],[object Object],[object Object],[object Object]

A Quick Quiz… ,[object Object],[object Object],[object Object],[object Object],[object Object]

Tax Time Opportunity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Assistance and guidance from a trusted tax preparer is a critical to helping tax clients save at tax time

Something to Consider ,[object Object],[object Object],[object Object],[object Object],[object Object],Buying $100 U.S. Saving Bonds every year for 20 years would leave a tax client with over $3,000 – enough to fill the gaps in a child’s college scholarship.

A Proposition ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Did You Know? From 1917-1966, the YMCA and others sponsored “National Thrift Week,” complete with local “Thrift Captains”

[object Object],[object Object],[object Object],[object Object],Another Quick Quiz

[object Object],[object Object],[object Object],[object Object],[object Object],Another Quick Quiz

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Quick Quiz

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Quick Quiz Yes! Here’s an example… 1962 Form 1040A With option to receive refund as U.S. Savings Bond

It’s easy to do on Form 8888 ,[object Object],[object Object],[object Object],[object Object],[object Object],.

U.S. Savings Bonds Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],U.S. Savings Bonds have been a popular, respected investment option for over 70 years.

Important Bond Facts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Proceeds from Savings Bonds are exempt from federal tax if used for secondary education (check IRS Publication 970 for details).

Savings Bonds as Gifts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],In a 2008 study, 68% of buyers purchased savings bonds for others, mostly children & grandchildren

Example Savings Bond John Q. Saver 123 Main Street Anywhere, WA 99000-0000 OR Jen Saver 123-45-6789 01 2009 FRB-MPLS 04-15-07 2 :C000090007 :04 000000000000 C000000000I Purchaser’s Social Security Number Owner’s Name & Address (Co-Owner Name, if any) Authentication Stamp Issue Date

Bond Features & Benefits Benefits Reach saving goal sooner No fees to erode savings Simple tax site order process saves time Easy to give savings as a gift Value not lost as prices rise Feature Competitive return (4.6% currently) No fees Convenient Can buy for others Inflation protection Loss & theft protection Savings are safe

Bonds vs. Savings Accounts or CDs Savings Bonds: CD-like returns, no fees and a $50 minimum Typical Savings Account* Typical 1 Year Certificate of Deposit (CD)* Series I U.S. Savings Bond Rate of Return .51% .82% 4.6% Annual Fees $0 $0 $0 Minimum to Open $100 $1,000 $50 Rate Fixed No Yes Adjusts bi-annually Minimum Holding Period None 1 year 1 year Early Redemption Penalty / Forfeiture None All interest earned to withdrawal date 3 months interest (redemptions within 5 years of purchase) ChexSystems Review Yes Yes No May Buy as a Gift No No Yes *Source: National Average rates, www.bankrate.com

And Another Quiz ,[object Object],[object Object],[object Object],[object Object],[object Object]

And Another Quiz ,[object Object],[object Object],[object Object],[object Object],[object Object],All of these statements are true except letter C. U.S. Savings Bonds can be redeemed at most banks and credit unions nationwide, not just where they were purchased.

Yet Another Quiz ,[object Object],[object Object],[object Object],[object Object],[object Object]

Yet Another Quiz ,[object Object],[object Object],[object Object],[object Object],[object Object],U.S. Savings Bonds must be held for at least 12 months before they may be redeemed. Bond buyers should understand that they can not access funds saved in bonds for one year after purchase.

Finding: People Want to Save ,[object Object],[object Object],[object Object],[object Object]

Finding: People Like Savings Bonds ,[object Object],[object Object],[object Object],[object Object]

Finding: Who Saves ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Finding: Why People Save ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Finding: How People Decide to Save ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Presenting Savings ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],54% of bond purchasers during the TS ‘07 pilot, said they had no money “saved or invested” prior to buying bonds As tax preparer, YOU play a crucial role in a client’s decision to save for the future - their own, or that of their children or grandchildren.

Bond Order Process ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Tax Preparers Matter In a 2007 study, 41% of tax clients who saved part of their refund decided to do so only after meeting with their tax preparer.

Talking with Clients ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],New Savers? 54% of tax clients who bought savings bonds in 2007 said they had no money “saved or invested” prior to buying bonds.

Conversation Starters ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Seeking A Decision ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Possible Client Concerns ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],During 2007 & 2008 pilots, bond purchases used, on average, 6% of their refund to buy savings bonds

Client Concerns (more) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Q: Does one pay state or local Income taxes on Savings Bonds? A: No.

Another One ,[object Object],[object Object],[object Object],[object Object]

Another One ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Final Quiz ,[object Object],[object Object],[object Object],[object Object]

Final Quiz ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],YOU can Encourage Savings Habits Did you know? 81% of those who bought savings bonds in 2007 said they were very happy with their purchase!

“ Savings is hard. Bonds make it easy” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Training Content and Delivery ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Training Content and Delivery ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Marketing / Communication materials available on www.bondsmakeiteasy.org ,[object Object],[object Object],[object Object],[object Object],[object Object]

Join our Campaign – offline ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

And Online ,[object Object],[object Object],[object Object],[object Object],[object Object]

Thank you! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tax Time Savings: Help Clients Save with U.S. Savings Bonds

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Tax Time Savings: Help Clients Save with U.S. Savings Bonds

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