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.
Gifts for grads. A Retailmenot.com survey found that cash, checks and gift cards remain popular choices, cited as preferred by half the respondents. On average, respondents say $165 is an appropriate cash gift for high-school graduates, while $464 is good for someone earning a bachelor's degree. If your friend or relative just attained a graduate degree, plan on shelling out about $772.