NEW YORK (Fortune) -- We spoke to several leading financial advisers about the strategies they were recommending their clients adopt to cut their taxes now and in the future.
Harvest your stock market losses
"We have been aggressively harvesting tax losses for our clients over the last year or two, and of course the market environment has assisted us with that," says Gregg Fisher, president of financial advisory firm Gerstein Fisher.
"Those losses can be used to offset capital gains in the future, and if you think capital gains rates might be higher in the future, those losses become even more valuable," he says.
And for clients who still like the battered stock they just sold, no problem. IRS rules allow an investor to buy the asset back after 31 days.