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Well, finally.

Congress on Tuesday night extended dozens of expired “temporary” tax breaks for 2014.

It took the Senate, by a 76 to 16 vote, until the week after Congress was supposed to adjourn to pass the bill, which the House had already approved.

The bill will now be sent to President Obama, who is expected to sign it.

The majority of tax breaks in the bill pertain to businesses, but a handful will affect individuals.

Among those who will benefit from the retroactive extension to January 1, 2014: Teachers who buy classroom supplies, mass-transit commuters, residents of states with no income tax, parents with kids in college, some homeowners and some retirees with IRAs.

The bill also includes a new provision that will benefit disabled adults.

What’s not clear yet is whether passage of the tax extenders bill so late in the year will force the IRS to delay when you can start filing your 2014 taxes, which typically begins in mid-January.

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source: fox8cleveland.com

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