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.
The NRF has been tracking spending on college graduation gifts for a decade now, and the outlay has never been higher. After hanging out below $4 billion from 2009 through 2011, Americansâ collective spending on graduation gifts shot up in 2012.