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.ust because there is monetary gift etiquette for college graduation and the grads that achieve success, it doesnât mean itâs always followed to the letter. Only give what you can afford; if the standard $25 is too high for your budget, consider a lower amount.