Gambling losses (referred to as wagering losses) are deductible only to the extent of gambling winnings. However, the deduction for these losses is not one of the enumerated deductions that can be claimed directly from gross income; they can only be deducted from adjusted gross income, meaning you must itemize to deduct them.
Shifting income to a later year, such as where you defer taxable interest to the following year by purchasing a T-bill or savings certificate maturing after the end of the current year. Investments in qualified retirement plans provide tax deferral.