When a tulip flower starts to lose its punch, remove it so that the plant can divert its energy back into the bulb and store it to make next year's flowers. Clip it just under the flower or, for a more aesthetically pleasing look, at the base of the stem.
Once those flowers are spent and have been removed, wait to trim the foliage back. Your bulbs will continue to prepare for next year's show by harnessing energy from the sun through their foliage. Once the foliage has turned yellow, give it a gentle tug to release it from the plant, and discard.
Although tulips have a short lifespan as cut flowers, you can enjoy them indoors for a short time. Cut at the base of the stem, and place in fresh water in a cool location. Avoid direct sun, and change the water often for maximum results.