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 Cash Do You Give When Invited To the Ceremony. Unlike a graduation announcement, itâs considered good manners to give a gift to the person graduating when receiving an invitation to a high school graduation whether you attend or not. Again, it depends on how close you are to the person, but a cash gift in the $20 â $50 range is usually appropriate. If you have received an invitation from a distant relative to attend a graduation ceremony, a cash gift in the $50 range is appropriate.