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.
The National Retail Federation estimates that the average family will shell out roughly $462 on gifts for family members this year. Add to that the $132 that the typical person will spend on gifts for friends, co-workers, babysitters, and teachers, and youâre looking at a nearly $600 gift budget. But if you donât have that kind of disposable income, it can make following general gifting guidelines nearly impossible to follow.