IRS Tax Tip 2012-64, April 3, 2012. If you owe tax with your federal tax return, but can't afford to pay it all when you file, the IRS wants you to know your options and help you keep interest and penalties to a minimum.
The amount spent by each individual on graduation gifts also hit a new high this year, rising from a tick under $98 last year to $102.50 this year, and the average graduation gift-giver is shopping for two people â so those new grads will have to share the wealth.
With so many high school students going on to college, high school graduation has been toned down a bit when it comes to graduation gifts. Most friends and family of the graduate will give somewhere between $20 and $100 for cash gifts. Parents might give a bit more, but the amount generally settles between $75 and $150.rad or Professional Student Gifts. When it comes to graduate or professional school, the gift received will often correspond to the student's plans. For example, if a student receives an MA on the way to getting a Ph.D., this might not be marked with a gift (or if it is, it will usually be between $50 and $100).