One strategy called tax-loss harvesting can be used. This strategy is where you sell the investment that is at a loss, then reinvest in a similar, but different investment. The amount of your loss can be used to offset other gains, whether in the same year or future years. Please consult a tax advisor before utilizing this strategy, to be sure your loss is permitted under the tax code. 

Another strategy is called asset location, where you hold more of your stocks in a taxable account (paying a low long-term capital gains rate of 15 percent) while holding more of your bonds (which are more likely to produce interest and short-term gains that would be taxed at your marginal rate) in a tax-deferred account.