7. If you're sitting on stock losses and gains, consider taking some losses now, to offset some gains. For example, if you sold stock and realized a gain of $5,000, you might have to pay 15%, or $750, in long-term capital gains tax on it. But if you also have a $2,000 loss on another stock, you can sell and realize the loss, and then subtract it from your gain. Presto -- you now have a net gain of just $3,000, and the 15% hit on that is just $450. If your losses exceed your gains, you can deduct up to $3,000 of them from your taxable income, and carry forward the remainder.