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.
What's your relationship to the couple? - While the average gift ranges from $50 to $100 for those under 30, expect to spend $100 or more if you're close friends with the couple and are more established financially. For your nearest and dearest friends and relatives, gift costs can range from over a $100 to $200 or more.