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.
For all the parents who have spent four years gritting their teeth and writing checks to pay for their kidsâ college tuition â sorry, youâre not done yet. This yearâs crop of graduates are going to be raking in a record $4.8 billion in graduation gifts, according to the National Retail Federation's annual survey.