what is the primary purpose of effective tax planning
CHAPTER 12 â¢ â¢ The primary purpose of effective tax planning is  to maximize the taxpayerâs after tax wealth. â¢ The secondary objective of effective tax planning is to reduce or defer the tax in the current tax year. Specifically, this objective aims to accomplish one or more results including: eliminating the tax in the current year; deferring the receipt of income; proliferating taxpayers; eluding double taxation; avoiding ordinary income; and creating, increasing, or accelerating deductions.