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What is a capital loss or a capital gain?

Capital gains are taxed at special rates, lower rates. At least long term capital gains are. Short term is taxed at regular rates.

How can I take advantage of timing to pay less in tax now?

Here near the end of the year though, you can have a bit of a timing benefit. If you have some stocks you have been meaning to sell at a loss, well you can do so now, and come tax time you will reap the benefit, which isn’t too far away.

And alternatively, if you have some winning stocks and what to sell or rebalance, you can sell them in January, and then you don’t have to pay tax on it for over a year.

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