Tax Planning Strategies from the Tax Carnival

I found two great tax strategies in the July edition of Kay Bell's Carnival of Tax. First, the blog DebtFree reminds us that for tax years 2008 and 2009, the 5% long-term capital gains tax rate is replaced by a 0% tax rate. That's right, taxpayers in the 10% and 15% marginal tax brackets will not have to pay taxes on their long-term gains. Secondly, the Estate Planning Career Blog discusses the advantages and disadvantages of a family limited partnership. Such partnerships are sometimes useful for taxpayers with taxable estates and who wish to transfer business operations to their heirs. Estate planning is a complex subject, and your estate needs are best discussed with an experienced tax attorney.