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.
An example might be $10 to $25 for acquaintances, $25 to $50 for friends and $50 and up for family and close friends. Gift or cash. Your next question will likely be whether to give money or a gift to the graduating student. One important factor to consider is whether or not there is a graduation party planned.