Many high school and college schools aren’t teaching their students about taxes, so it’s important to pay attention to any new tax information. With many people already receiving federal tax return refunds, understanding how income tax returns work is crucial.

According to data released by the Common App, undergraduate college applications are up 22%, compared to pre-pandemic rates. However, 60% of college applicants come from affluent communities, while only 5% are from low-income backgrounds.