If you cut the skin tag off then it could cause bleeding so I would not recommend just cutting the skin tag off because you could cause a skin infection.
What you can do is use a piece of string or dental floss to tie around the skin tag tight enough to cut off the blood supply and then eventually the skin tag will fall off due to lack of the blood supply.
However as long as you tie the skin tag off to prevent blood blow you can take some sterile scissors and cut it off although it might be painful.
For cutting it off I would have a doctor do that but you can allow it to naturally fall off or use a skin tag removal tool you can buy in most pharmacies or online.