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.
Makes perfect sense. But those of us who want clear-cut gifting protocol will still fret and wonder if $50 is too much or too little. A recent retailmenot.com survey of more than 1,000 people suggested $165 is an appropriate cash gift for high school graduates. Maybe I'm just cheap, but that seems high. In my opinion (take it for what you will), $30 to $50 is fair for a casual acquaintance and $100-ish for a family member or very close friend.