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 amount of money that feels right depends upon: 1) the type of graduation, 2) how close the relationship is, and 3) how much the recipient needs the money. But in general, according to a study by Hallmark: â¢ 95 percent believe money is an appropriate gift for graduation from high school or college. â¢ $25 is about average for a close friend (or child of a close friend) â¢ 67 percent believe that $50 or more is appropriate for a close relative. â¢ $20 is the average for a not-so-close friend. â¢ And many would give no gift to a not-so-close friend, but they might send a card.