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.
How much money do you give for a high school graduation gift? A: Cleveland Metro News reports that most people feel that it is appropriate to give between $50 and $100 to a high school or college graduate as a gift. Of the 1,200 people surveyed, only 6 percent stated that it was not important to present the graduate with a gift.