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.
If you give your grad a copy of Making College Count, that money will be working for both of you. Your child will have the tips and tricks to achieve college success and get a job after graduation. This is good for parents and students! Sibling- Gifts worth $15-$30 is plenty.