The expiration dates for our two options trades are getting closer. Now’s a prudent time to spotlight them, with suggested strategies.

• Texas Instruments (NSDQ: TXN)

Texas Instruments 01/19/18 Buy Call $77.5 (TXN180119C00077500)

Equity Price: $98.02

Strategy: Buy Call

Expire Date: 01/19/18

Strike Price: $77.50

Entry Date: 02/13/17

Entry Price: $5.35

The TXN option position has a gain of more than 254% (entry price of $5.35, current offer at $18.95).

A gain this substantial requires tax planning. How you proceed depends on your particular needs.

This option expires next month (01/19/18), so you should decide whether to realize the gain this year (to offset losses realized this year), or wait until January to book the gain to defer paying taxes on it until April 2019.

Take note: This large gain could quickly diminish if we get a stock market correction between now and the expiration date. Some of you may want to book it now to make sure you don’t lose it.

• Western Digital (NSDQ: WDC)

Western Digital 01/19/18 Buy Call $75 (WDC180119C00075000)

Equity Price: $81.47

Strategy: Buy Call

Expire Date: 01/19/18

Strike Price: $75.00

Entry Date: 07/28/17

Entry Price: $15.45

WDC also expires next month. The current offer is $7.49, which confers a 51% loss. You could close it out now, to offset gains in 2017 and defer the TXN closing transaction until January to defer it to next year.

If you own both, closing them at the same time would result in a net gain, but smaller than just closing out the TXN option (a $14 gain on TXN offset by a $7.96 loss on WDC).