Cutting the tax bill to sock more money away

NEW YORK (CNNMoney.com) -- Question: My dad is 68 years old and he is looking for ways to cut his tax bill. Do you have any suggestions? - Elie, North Carolina

Answer: If your dad has an older house he could stand to benefit on his taxes this year if he upgrades the heating and cooling equipment, windows and doors and insulation.

He'll be able to get a tax credit for up to $500. Remember $1 of credit saves $1 of tax. He can also sock more money away into his IRA account, up to $5,000 this year.

Question: I recently had several fraudulent charges on my credit card. When would I be responsible for the charges? - Brian, Texas

Answer: Here's the good news. Most major credit cards have a zero liability policy if someone misused your credit card without your knowledge.

Of course, this all depends on you not having any outstanding balances and generally paying your bills on time.

In most cases, you'll be on the hook for payment if you've already reported more than two instances of fraudulent charges within the year or the bank determines you were negligent with your credit card or account statements.

But, in most cases, the bank will write off the fraudulent charges or they will pursue reimbursement from the merchant in question.

Question: My wife and I are interested in long-term insurance. What are some good sources to help us make the best decision? - Jim, Arizona

To get the basics, check out the website of the nonprofit organization Life and Health Insurance Foundation for Education at life-line.org. You'll be able to download a consumer guide to long-term care coverage.

There's also information on what you should know when buying insurance, a glossary of terms and where you can buy this insurance, says Brian Peterson of NextGen Advisors.

Medicare.gov also has information on long-term care insurance. You'll be able to see what you should think about before you buy this kind of insurance.

Tip from reader:

I've gotten e-mails stating I am eligible for gift cards from stores. I opened one and it requested my address and birthday. Add this to your list of scams.

- Corina, Florida

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