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.
Graduations aren't just major life achievements; for some graduates, they're also a gift-receiving bonanza. The Global Association for Marketing at Retail reports that graduation gifts will tally $4.7 billion for 2012.