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.
It's appropriate to give graduates completing a bachelor's degree around $460 dollars as a gift, while just over $770 is appropriate for graduation from graduate school and above. Give these amounts in cash, or, alternatively, in stocks, savings bonds, investment-grade precious metal coins or a certificate of deposit.