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.
Graduating from high school is a momentous occasion. Consequently, people tend to give a lot more for this type of graduation. Millionaire's Corner reports that 57 percent of people surveyed are comfortable with less than $100. Most surveyed felt like it was important to give a gift to a family member or a close friend, but not an acquaintance or extended family member.