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Monday 8:30am - 5pm Tuesday 8:30am - 5pm Wednesday 8:30am - 5pm Thursday 8:30am - 5pm Friday 8:30am - 5pm

WILL CHEN, CPA, PLLC

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United States
Edmonds, WA
WILL CHEN, CPA, PLLC

Offering a blend of personal service and professional expertise in tax assistance, business consultation, as well as Quickbooks setup and training.

If you are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. Our rates are affordable. We are experienced and we're friendly. Please call us for a free initial consultation.

09/30/2025

Thinking about saving for a child’s education? A Section 529 plan is a tax-advantaged option. There are two types: savings plans and prepaid tuition plans. The right plan for you depends on factors such as your financial goals, where the child might attend school, and what costs you want to cover. Let’s review your options together. Call us at (425) 361-7392.

09/29/2025

Probate can be expensive and significantly delay the distribution of assets to your loved ones. But you can sidestep it on your bank, brokerage and other eligible accounts by converting them to payable-on-death (POD) accounts. How? Simply complete a POD designation form naming one or more beneficiaries. At your death, the financial institution will transfer any balance directly to the named beneficiaries, outside of probate and usually within a few days of receiving a death certificate. Looking for more ways to reduce expenses and achieve your estate planning goals? Call us at (425) 361-7392.

09/26/2025

Are you betting money on professional or college sports? If so, you aren’t alone. According to the IRS, billions of dollars are bet by “casual gamblers,” who aren’t in the business of wagering. If you win, congratulations. Not to rain on your parade, but Uncle Sam generally wants his share. You might receive a Form W-2G (Certain Gambling Winnings) depending on what you bet on and how much you win. All winnings must be reported on your tax return. You have until next year to report the money you win in 2025. You may need to pay estimated tax on the additional income. Contact us at (425) 361-7392 with questions.

09/24/2025

If you sell your home, you may be eligible for a major tax break: A tax exclusion for up to $250,000 of gain on the sale ($500,000 for joint filers). But there are several requirements. One is that the home must be your principal residence. If you’re thinking about selling a vacation home, consider whether you could convert it to your principal residence first to take advantage of the gain exclusion. Or convert it to a rental property for different tax-saving opportunities. Let’s talk about your options. Contact us at (425) 361-7392.

09/23/2025

Tax law changes make it even more important to have a knowledgeable tax professional on your side. We can help you stay on top of changes, make informed decisions year-round, and avoid costly surprises. And when the 2025 tax filing deadline approaches next April, we can save you time, headaches and taxes by preparing your return. If you want clarity and confidence around your taxes, we’re here to help. Call us at (425) 361-7392.

09/22/2025

Knocked unsteady by recent stock market wobbles? If you’re in your 20s or 30s, your stock-heavy 401(k) plan portfolio likely has time to recover and grow, thanks to the power of compounding. If, on the other hand, you’re less than 10 years from retirement, consider allocating more to bonds and other less-volatile securities. We can help you build a resilient and effective portfolio that reflects your risk tolerance, investment goals and retirement plans. Contact us at (425) 361-7392.

09/19/2025

The IRS Whistleblower Office (WBO) plays a key role in tax collection. The federal tax system relies on voluntary compliance, investigations, data analytics and information from people with knowledge of noncompliance. A tip that leads to the collection of proceeds may result in a valid claim for a cash award. What makes a claim valid? To qualify for an award, a claim must provide specific and credible information regarding tax underpayments or violations. Generally, an award ranges from 15% to 30% of the proceeds collected that are attributable to information from the tipster. Contact us with questions at (425) 361-7392 and learn more about the WBO claim process here: https://bit.ly/3RleVWh

09/17/2025

Don’t let inherited retirement account rules catch you off guard! Most nonspouse beneficiaries must fully withdraw inherited IRA or 401(k) funds within 10 years if the original owner died after 2019. Depending on the situation, you may not have the option to wait and take a lump-sum distribution at the 10-year mark but instead be required to take annual required minimum distributions (RMDs). Not taking an RMD can trigger a penalty equal to 25% of the missed RMD. Could you be affected? Let’s review your circumstances together. Call us at (425) 361-7392.

09/16/2025

If you’ve received a large inheritance, it may be tempting to view it as “found money” that can be spent freely. But it’s in your best interest not to make quick purchases or financial commitments. Wait until you know what your net proceeds from the estate will be. Once all fees and taxes are accounted for, the final settlement may be less than you expect. What if you’re receiving your inheritance through a trust? Learn the trust’s terms and understand the timing and amount of distributions and any conditions that must be satisfied to receive them. Contact us at (425) 361-7392 for assistance.

09/15/2025

You’re never too young to start planning for retirement. We can help you juggle multiple financial goals, including saving for a home, your children’s education and a secure retirement. Contact us at (425) 361-7392 to discuss tax-advantaged retirement plans as well as other investment opportunities, income tax-reduction strategies and risk-mitigation measures (such as insurance). On the other hand, are you getting a late start? We have tips for making and reaching aggressive retirement savings goals.

09/12/2025

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic violence can withdraw the lesser of $10,000 or 50% of an account balance. Also, you’re allowed one $1,000 “emergency” distribution annually to pay unexpected costs. For a complete list of exceptions that would enable you to take penalty-free early withdrawals from IRAs and 401(k)s: https://bit.ly/4c4JAyT. Questions? Contact us at (425) 361-7392.

09/10/2025

Proper payroll recordkeeping is critical for every business to ensure tax compliance and guard against litigation. Most companies must keep information regarding federal income, Social Security and Medicare taxes for at least four years after the due date of an employee’s personal income tax return for the year in which the payment was made. This is known as the “records-in-general” rule, and various data and documents fall under it. Contact us at (425) 361-7392 to schedule a review of your payroll recordkeeping processes today!

Address

22322 76th Avenue W
Edmonds, WA
98026

Opening Hours

Monday	8:30am - 5pm
Tuesday	8:30am - 5pm
Wednesday	8:30am - 5pm
Thursday	8:30am - 5pm
Friday	8:30am - 5pm

Website

http://www.willchencpa.com/

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