Like most religions, they point towards the same thing. The differences between Taoism and Buddhism may well disappear as the practise crystallizes.
Of course, it’s been said already, but bears repeating that there are lots of different sects of both. Personally, I’m rather familiar with both Taoism and Zen Buddhism. Taoism is particularly troublesome since it is often split into philosophical and religious versions.
Also, in a Chinese context, both religions have influenced the culture greatly and therefore also each other. So, though Taoist texts may not go for long on reincarnation, I’d say rare is the Taoist who doesn’t in some essence believe it.
After all, one cannot circumvent causality easily, so actions create responses and when holding the understanding that one is egoless, who is it that reincarnates?
But just as any religion, these two can be several things. They can be guidelines for a good life and being a good person, with beliefs and maxims. For those who wish to dwell further into it, it becomes a way to personally experience the divine. Don’t confuse the finger for the moon or in this case the doctrine for the divine.
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As for the relevance for martial arts, that’s a hard thing to say much about. However, several arts (Taijiquan, Baguaquan and Xingyiquan to name the prime suspects) are firmly rooted in Taoist philosophy. Hence one could call them Taoist arts.
Also, the arts coming from Shaolin might be considered Buddhist due to the nature of the monastery.
Personally, I suggest that not much be made out of the relevance of this to martial arts. Both Taoism and Buddhism are important things in Chinese culture, so in some ways they are bound to have affected the people who practised combat arts.