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.
When receiving a high school graduation announcement, there is no obligation to send the graduate cash or a gift unless you want to (a congratulations card or small gift will suffice). If you do decide to give something in this situation, cash or similar in the $20 â $30 range is appropriate.