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.
Close friends followed at 49 percent. Only 6 percent of overall respondents say they don't feel it's important to give graduation gifts to anyone. Makecollegecount.com suggests a range of $20 to $50 from relatives of graduates and $15 to $50 from friends of the graduate's family and the graduate's friends.