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.
We have given $500 to each of the 3 grandsons graduating from high school, the first one blew it and didn't go to college. The other 2 used the money for a laptop to use in college. We have another graduating next year from high school and one from college. We certainly won't increase the gift for the college grad.