(203) 248-8600

Laura@ccotax.com

Caiafa & Company, LLC

Professionals Who Account for You

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Visit Our Tax Center

Tax planning & preparation can be challenging for everyone. Let us handle that work for you. Read more here.

375 Mather St. Ste. 6
Hamden, CT 06514

 

tel: 203-248-8600

fax: 203-774-1151

Tax and Accounting Services

We offer a full spectrum of services aimed at making your life easy.Learn more today.

Tax Preparation Services

at Caiafa & Company, LLC

The Source for CPA Services throughout the Milford, New Haven & Branford, CT Areas

 

At Caiafa & Company, LLC, we specialize in CPA services, tax services, business tax planning, business accounting, and more. Our professional team can offer you both personal and business services. Just ask us how we can help you today.

Besides traditional tax preparation, we also specialize in IRS audit-representation, wage garnishment, back taxes and more. Explore our website today to learn more about our available services and our client-focused team.

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2020 Social Security Benefits: Find out how your benefits have changed.

Estimated average Social Security retirement benefits starting January 2020
• All retired workers in 2019 $1,479/mo
• All retired workers in 2020 $1,503/mo

Did you know? You can increase your Social Security retirement benefits by 5-8% when you delay applying until you’re age 70.

• 1.6% cost of living adjustment for Social Security retirement benefits and SSI payments begins with the December 2019 benefits (payable in January 2020)

• The 2020 maximum Social Security retirement benefits a worker retiring at full retirement age is $3,011/mo.

Did you know…
• 87% of Baby Boomers are expecting Social Security to be a source of their retirement income.

• 1-3 people expect it to be their primary source of income.

• Social Security pays benefits to more than 67 million people including retirees, children and surviving spouses.
2020 Social Security and Medicare tax rates

If you work for someone else…
• your employer pays 7.65%
• you pay 7.65%

If you’re self-employed…
• you pay 15.3%

Note: The above tax rates are a combination of 6.2% Social Security and 1.45% for Medicare. There is also 0.9% Medicare wages surtax for those with wages above $200,000 single ($250,000 joint filers) that is not reflected in these figures.

Maximum amount you can pay in Social Security taxes
• 2019: $8,239.80
• 2020: $8,537.40

165+ million people work and pay Social Security taxes.
Maximum earnings amount Social Security will tax at 6.2%
• 2019: $132,900
• 2020: $137,700

How does Social Security work?
• When you work, you pay taxes into Social Security.
• The Social Security Administration used your tax money to pay benefits to people right now.
• Any unused money goes to the Social Security trust funds.
• Later on when you retire, you receive benefits.
Social Security payments explained
• SS Social Security retirement benefits are for people who have "paid into" the Social Security system through taxable income.
• SSD or SSDI Social Security Disability (SSD or SSDI) benefits are for people who have disabilities but have "paid into" the Social Security system through taxable income.
• SSI Supplemental Security Income (SSI) benefits are for adults and children who have disabilities, plus limited income and resources.

Here’s how to qualify for your retirement benefits
• When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born.
• If you were born in 1929 or later, you need 40 credits (10 years of work) to receive Social Security retirement benefits.
• The earnings needed for a credit in 2020 is $1,410.
• 4 credits maximum per year.

Did you know you can check your benefits status before you retire?
• You can check online by creating a “my Social Security” account on the SSA website. If you don’t have an account, you’ll be mailed a paper Social Security statement 3 months before your 61st birthday.
• It shows your year-by-year earnings, and estimates of retirement, survivors and disability benefits you and your family may be able to receive now and in the future.
• If it doesn’t show earnings from a state or local government employer, contact them. The work may not have been covered either by a Section 218 agreement or by federal law.
#SocialSecurity #CPA #Accountants Sources: SSA.gov, 17th Annual Retirement Survey, Transamerica Center for Retirement Studies®
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2020 Social Security Benefits: Find out how your benefits have changed.

Estimated average Social Security retirement benefits starting January 2020
• All retired workers in 2019 $1,479/mo
• All retired workers in 2020 $1,503/mo

Did you know? You can increase your Social Security retirement benefits by 5-8% when you delay applying until you’re age 70.

• 1.6% cost of living adjustment for Social Security retirement benefits and SSI payments begins with the December 2019 benefits (payable in January 2020)

• The 2020 maximum Social Security retirement benefits a worker retiring at full retirement age is $3,011/mo.

Did you know…
• 87% of Baby Boomers are expecting Social Security to be a source of their retirement income. 

• 1-3 people expect it to be their primary source of income.

• Social Security pays benefits to more than 67 million people including retirees, children and surviving spouses.
2020 Social Security and Medicare tax rates

If you work for someone else…
• your employer pays 7.65%
• you pay 7.65%

If you’re self-employed…
• you pay 15.3%

Note: The above tax rates are a combination of 6.2% Social Security and 1.45% for Medicare. There is also 0.9% Medicare wages surtax for those with wages above $200,000 single ($250,000 joint filers) that is not reflected in these figures. 

Maximum amount you can pay in Social Security taxes
• 2019: $8,239.80
• 2020: $8,537.40

165+ million people work and pay Social Security taxes.
Maximum earnings amount Social Security will tax at 6.2%
• 2019: $132,900
• 2020: $137,700

How does Social Security work?
• When you work, you pay taxes into Social Security.
• The Social Security Administration used your tax money to pay benefits to people right now.
• Any unused money goes to the Social Security trust funds.
• Later on when you retire, you receive benefits.
Social Security payments explained
• SS Social Security retirement benefits are for people who have paid into the Social Security system through taxable income.
• SSD or SSDI Social Security Disability (SSD or SSDI) benefits are for people who have disabilities but have paid into the Social Security system through taxable income.
• SSI Supplemental Security Income (SSI) benefits are for adults and children who have disabilities, plus limited income and resources. 

Here’s how to qualify for your retirement benefits
• When you work and pay Social Security taxes, you earn “credits” toward Social Security benefits. The number of credits you need to get retirement benefits depends on when you were born. 
• If you were born in 1929 or later, you need 40 credits (10 years of work) to receive Social Security retirement benefits.
• The earnings needed for a credit in 2020 is $1,410. 
• 4 credits maximum per year. 

Did you know you can check your benefits status before you retire?
• You can check online by creating a “my Social Security” account on the SSA website. If you don’t have an account, you’ll be mailed a paper Social Security statement 3 months before your 61st birthday.
• It shows your year-by-year earnings, and estimates of retirement, survivors and disability benefits you and your family may be able to receive now and in the future.
• If it doesn’t show earnings from a state or local government employer, contact them. The work may not have been covered either by a Section 218 agreement or by federal law.
#SocialSecurity #CPA #Accountants Sources: SSA.gov, 17th Annual Retirement Survey, Transamerica Center for Retirement Studies®

Professionals Who Account For You

Although we provide a wide range of traditional services for both business and individual clients, we specialize in negotiating with the IRS on your behalf and navigating through complicated IRS correspondence, estate and gift tax services, as well as financial planning.

  • Individual Tax Services

    We can offer you personal tax preparation services including individual filing and tax planning. The advisers at our Hamden, CT and Madison offices will recommend the best practices for filing your individual tax return and help assist you through every step of the process. Filing your taxes will be smooth sailing with the help of our certified professionals!

  • Business Tax and
    Accounting Services

    Our certified business accounting team provides resources for businesses such as tax preparation services, tax planning, small business accounting, financial statements, strategic business planning, and new business formation. We also offer QuickBooks services including setup and training. With the help of our business tax advisers, your business will be ready for quarterly reports, year-end taxes, and you will stay financially informed.

  • Specialized Tax Services

    Besides traditional tax preparation services we can also help you with several other services to help make financial planning easier for you or your business. We are prepared to negotiate with the IRS on your behalf regarding IRS audits, liens and levies, wage garnishment, offers in compromise, innocent spouse relief, and installment plans. Our expert team can also be of assistance with non-filed tax returns, owed back taxes, and payroll tax problems. Don’t be intimidated by that dreaded IRS letter. Let our team make things easy for you.

Begin

Planning Today

Check out our Resource Library to begin your tax preparations today. Then, give us a call to begin securing a wealthier financial future for you or your business.

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Each month, we will give you tips and useful information to help you protect your finances, begin planning on ways to save for your future, or how to begin preparing your taxes. Our goal is to help you get the information you need for a financially savvy today and tomorrow. So sign up for our monthly client newsletter today to stay up-to-date with news from our office and to receive special offers from our team.

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