Now if you're like most folks, you're likely thinking, "I'm buying and selling stocks and making a lot of money–who cares about being tax efficient?" Well, oftentimes, it's those very folks who are blindsided when it comes time to pay Uncle Sam on April 15th.

They say nothing is certain except death and taxes, and I could not agree more. While we can't avoid our own mortality, here are tax tips to think about when divvying up Uncle Sam's slice of your portfolio!

Pay Uncle Sam as Little as Possible

While many investors are painfully aware of capital gains tax, some may not realize that capital gains are assessed in one of two ways: in short-term gains and long-term gains. A short-term gain is a gain on a particular asset that has been held for less than a year and taxed as ordinary income at your normal tax rate (for most investors, that's a hefty 35%!)

Now, if you wait a year and a day before selling off that same asset, you'll only have to pay 15%–less than half! That's why it is so important for investors to consider tax efficiency as a tool in their long-term investment portfolios.

Bush-Era Tax Cuts Won't Last

Whether you're a Republican or Democrat, President Bush's 2003 tax cuts have helped many investors alleviate much of their heavy tax burden. Among other tax cuts, the tax rate on capital gains was more than cut in half from 35% to 15%, and so was the tax on dividends from common stocks.

Before the Republicans made good on their promises to slash taxes, dividends were taxed as ordinary income at the taxpayer's regular income tax rate. Sound confusing? Let me quickly explain.

Let's say back in 2002, you bought a bond that pays $100 in interest. Before Bush slashed the capital gains tax rate, you would have paid a tax of 35% on any dividend gain made off that $100 bond. Ouch!