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.
You also must decide how much to spend. Again, there's no set recommendation. In a survey of more than 1,000 people by retailmenot,respondents on average said gifts worth about $111 were appropriate for high-school graduates, $243 for someone earning a bachelor's degree and $256 for the recipient of a graduate degree.