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.
Rich friends and relatives are likely to respond more generously to âhow much should I give?â Half of Millionaires would give a high school graduate between $100 and $500, and 60 percent would give a college grad between $100 and $500.ccordingly, grads are more likely to get a gift from a woman, but a gift from a man is likely to be a bigger one. More than half the women surveyed (53 percent) say itâs important to give graduation gifts to close friends, compared to 39 percent of men.