DENVER -- Colorado Gives Day is traditionally one of the biggest days of the year for giving in Colorado.
This year it takes on an even extra meaning.
That is because charities across the state are unsure what impact the new tax law will have on giving this year.
"We really don't know how this is going to affect us so we are doing some things to safeguard ourselves," Chelsea Elder, Executive Director of Adaptive Adventures, said.
Elder, like many in the non-profit world, is curious to see how the standard deduction truly impacts giving.
"It is really important to give even if you don't get the tax break," Elder added.
Under the new tax law, signed into law by President Trump last year, the standard deduction has doubled.
That means more Americans have less incentive to itemize their taxes. Itemizing your taxes is the only way to benefit financially from giving to charity.
Fascinating numbers on how much Coloradans gave to charity last year AND claimed an IRS deduction. Many nonprofits in Colorado are worried this year people will claim the standard deduction and have less incentive to give. The new tax law doubled the standard deduction pic.twitter.com/EONG2Ifmih
— Joe St. George (@JoeStGeorge) December 4, 2018
"It's a time of transition for nonprofits," Renny Fagan, President of the Colorado Non-Profit Association, said.
"A group of people who received a tax benefit will no longer be getting that when they do their federal return," Fagan added.
Fagan says some studies show a decrease in giving this year.
For instance, the conservative American Enterprise Insitute estimates a 4 percent reduction.
Fagan wants to make sure Coloradans know even if you claim a standard deduction federally you can receive a financial benefit from the state if your donations exceed $500.