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.
Over two-thirds of UC undergraduates receive some gift aid, with an average award of over $16,000. For California residents, that covers nearly half the cost of attending UC for a full year. Your net cost, or the actual amount you will have to pay, may be less than you think.