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 question of how much you should give to a college graduate as a gift is also important. If itâs a relative and you are an important part of their lives, a college degree was a huge effort on their part, so consider giving between $25 and $50 dollars.If the graduate is the child of a friend or co-worker, again it may depend upon how close you are with that friend or co-worker.Even so, the children of friends or co-workers arenât family so consider a monetary gift of $25 dollars or below.f the graduate is the child of a friend or co-worker, again it may depend upon how close you are with that friend or co-worker. Even so, the children of friends or co-workers arenât family so consider a monetary gift of $25 dollars or below.