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.
Gifts to Avoid. When considering the average college graduation gift amount from parents of a graduate, there are certain gifts to avoid or let others obtain: Filofax, Appointment Book, Desk Sets â Not only can these be a personal choice, they are often less expensive and are an affordable gift for friends and relatives.