CHAPTER 12 • • The primary purpose of effective tax planning is  to maximize the taxpayer’s after tax wealth. • 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.