03-04-2006, 12:08 AM
I know lots of people at my work signed up for this GLGI thing, pretty much a scam. BUT they are all getting HUGE returns this year. Basically works like you "donate" say $1000 to a church or charitable organization, then they "invest" the money say buy purchasing software in bulk on your behalf and give you this gift. You then I guess take that and donate it back to a second organization that gives you a tax reciept of fair market value for that donation of the gift. Typically you'd end up with tax reciepts up to 6000-11,000.
I know a scam when I see one and this sounds highly illegal, guys here have been screwing the tax system for the last few years with this.
For me, I use my rental property to write off allot of my home repair purchases, even appliances, and this typically gets me back 2000-4000.
DP: Not sure how much your making, but its looking like you A. make too much or B. pay too much. You drive a focus so I'm going to opt with B :D
I know a scam when I see one and this sounds highly illegal, guys here have been screwing the tax system for the last few years with this.
For me, I use my rental property to write off allot of my home repair purchases, even appliances, and this typically gets me back 2000-4000.
DP: Not sure how much your making, but its looking like you A. make too much or B. pay too much. You drive a focus so I'm going to opt with B :D