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.
Average cash gift amounts tend to be around $75â$100 for distant relatives or a coworker, and up to $150 for someone closer. If you are giving cash (or a check), send it ahead of time rather than bringing it to the weddingâitâs too easy for things to get misplaced in the chaos of the day.