The CARES Act has created new universal charitable deductions for contributions made this year. In previous years, we have seen federal tax law changes that have reduced the number of taxpayers who itemize their deductions. As a result, there has been a decline in the number of donors who are in a position to claim the charitable deduction associated with their gifts. This new universal deduction will reverse that trend for this year only.
Everyone who claims the standard deduction will now be able to claim this special charitable deduction up to $300.
For those who itemize deductions, the CARES Act allows for a full tax deduction for charitable contributions of up to 100% of Adjusted Gross Income (previously limited to 60% of AGI).
Corporate donors can not increase charitable tax deductions from 15% to 25% of taxable income.
Your donation allows Downtown Streets Team to provide basic needs support during the COVID-19 crisis. Each week throughout the Bay Area and Northern California, we help 500 people find their way out of homelessness by eliminating the barriers that keep them from jobs and housing. Our Team Members are resilient and persistent and won't be deterred in their efforts to find self sufficiency during this time. DST provides basic needs support so our Team Members can stay out of survival mode and continue on their journey to a better quality of life. During the crisis, we have placed an emphasis on increased communication and connection with our Team Members - your contribution makes this effort possible and helps keep our Team Members connected to the community and out of isolation.