I use an X-acto knife and make two cuts, perpendicular to the direction of the trace, and close together (think of making an "H" without the horizontal cut). Usually, you can then remove the isolated section of copper wth the tip of the knife, if it does not pop off after your second cut.
The nice thing about cutting traces is that it is very easy to reverse with some solder and a short piece of wire (if necesasary).