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Health Savings Accounts:
Choose Your Medical Plan Wisely

A health savings account, or HSA, is a tax-advantaged savings account used to pay for out-of-pocket medical expenses. Tax-advantaged means:

  • Contributions to your HSA account are either tax-deductible (similar to deductible IRA contributions) or made pre-tax if the HSA is offered through an employer's cafeteria plan (similar to 401(k) contributions).
  • Earnings in the account are not taxed.
  • Distributions from the account that are used to pay for qualified medical expenses are tax-free.

HSAs can benefit some people, but they're not for everyone. To find out more about HSAs, their eligibility requirements and who can benefit from participation in a Health Spending account, click here to read this article on our Facebook page.

McDaniel Tax & Administrative Services is open year-round and welcomes you to call or visit with any questions that you may have about your particular tax situation.

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McDaniel Tax and Administrative Services (Toby Tax)
Address: 3802 Adams Avenue • San Diego, CA 92116
Phone: 619.481.8115 Fax: 815.550.8781
Email: Website: www.tobytax.com
McDaniel Tax and Administrative Services (Toby Tax)
Address: 3802 Adams Avenue • San Diego, CA 92116
Phone: 619.481.8115 Fax: 815.550.8781
Email: Website: www.tobytax.com