For business and property owners, though, it should also be the time to look into the next fiscal year and forecast likely revenues and expenses.

The tax code makes some very complex distinctions between expenditures, and by doing the homework about which tax regulations apply to each dollar spent, you can give to yourself some really great tax benefits.

Is there any part of the tax code that allows tax deferral without having to reinvest the sale proceeds in another income-producing property?

Tax planning is the work that you do to arrange your personal and professional activities and assets in ways that legally postpone or avoid taxes. Effective tax planning saves you money that you can reallocate to help meet other needs or to fund interesting projects.