So if I were to decide to tax loss harvest on this, would the math be something like $3,777.42 (loss) - $462.23 (1% of the current value) = $3315.19 (for losses that can be claimed in 2014)? And then I would wait until around January 15th to re-buy the fund?
You need to multiply your loss by the tax rate to translate it into the amount of money you would actually receive. Capital losses cancel out capital gains first, and can only count against your regular income by $3,000 per year.
Let's suppose you're in the 25% tax bracket and have previously sold stock this year for $500 in long-term gains. These gains would otherwise be taxed at 15%.
The first $500 of losses would cancel out your gains, saving you ($500 * 15% = $75). The next $3,000 would count against your regular income, saving you ($3,000 * 25% = $750). You would save $825 on your taxes by selling your losing fund. The remaining $277.42 of losses that you can't claim this year would carry over to the next year, canceling out 2015 gains or regular income.
Yes, you would want to wait 30 days to buy back the fund, otherwise it counts as a wash sale and you can't claim the loss on your taxes.