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DENVER (KDVR) — Good news on deductions for charitable donations, just in time for Colorado Gives Day and year-end giving.

Individual taxpayers are allowed deductions of up to $300 in cash donations made in 2020 as part of the CARES Act, the federal pandemic relief program that was created in March.

Taxpayers may still take the standard deduction and will not have to itemize to receive the tax deduction when they file tax returns for 2020.

The deduction reduces the adjusted gross income for donating taxpayers.

The deduction applies to donations made in cash, by credit card or by check only. Donations of goods, volunteer hours or stock do not qualify.

Donations to public charities, 501(c)(3), qualify. The I.R.S. search tool can be used to verify eligible organizations.

The deduction is for the 2020 tax year only, however it may be extended by Congress into 2021.

Tuesday’s Colorado Gives Day is a statewide movement that promotes philanthropy through online donations, to hundreds of non-profits. FOX31 and Colorado Gives Day are teaming up for the 10th annual Salvation Army Toy Drive.

Colorado Gives Day began in 2007 as a way to simplify fundraising for non-profits. This year 2,766 nonprofits are available on the ColoradoGives website.