New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Essential Year-End Tax Strategies for Continental Resources Employees: What You Need to Know Before 2023

Healthcare Provider Update: Healthcare Provider for Continental Resources Continental Resources typically offers healthcare coverage through major national insurers, with benefits administered by UnitedHealthcare. This enables the company to provide its employees with comprehensive health plans that include a range of medical services, preventive care, and wellness programs. Potential Healthcare Cost Increases in 2026 As we approach 2026, Continental Resources, like many other employers, faces a significant surge in healthcare costs that are projected to rise by approximately 8.5%. This increase arises from a perfect storm of factors, including heightened medical expenses driven by inflation, the potential loss of enhanced federal subsidies, and substantial rate hikes from insurers. Without congressional action to extend subsidy programs, employees could see their out-of-pocket costs escalate dramatically, potentially exceeding 75% for many, placing further financial strain on individuals and families. With these developments, strategic planning for healthcare expenditures will be essential for both employers and employees moving forward. Click here to learn more

Here are some things for Continental Resources employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
Continental Resources employees must consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rent, and payments for services. As a Continental Resources employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
Continental Resources employees and retirees should also look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses such as medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could make a difference on your 2022 return.

3. Make deductible charitable contributions
As a Continental Resources employee, if you itemize deductions on your federal income tax return, you can generally deduct charitable contributions, but the deduction is limited to 50% (currently increased to 60% for cash contributions to public charities), 30%, or 20% of your adjusted gross income (AGI), depending on the type of property you give and the type of organization to which you contribute. (Excess amounts can be carried over for up to five years.)

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4. Bump up withholding to cover a tax shortfall
As a Continental Resources employee, if it looks as though you will owe federal income tax for the year, consider increasing your withholding on Form W-4 for the remainder of the year to cover the shortfall. Time may be limited for Continental Resources employees to request a Form W-4 change and for their employers from Continental Resources to implement it in time for 2022. The biggest advantage in doing so is that withholding is considered as having been paid evenly throughout the year instead of when the dollars are actually taken from your paycheck. This strategy can be implemented by Continental Resources employees to make up for low or missing quarterly estimated tax payments.

5. Save more for retirement
Deductible contributions to a traditional IRA and pre-tax contributions to a Continental Resources-sponsored retirement plan such as a 401(k) can reduce your 2022 taxable income. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2022, Continental Resources employees can contribute up to $20,500 to a 401(k) plan ($27,000 if you're age 50 or older) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if you're age 50 or older).* The window to make 2022 contributions to a Continental Resources-sponsored plan generally closes at the end of the year, while you have until April 18, 2023, to make 2022 IRA contributions.

*Roth contributions are not deductible, but Roth-qualified distributions are not taxable.

6. Take the required minimum distributions
If you are a Continental Resources employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Continental Resources-sponsored retirement plans (special rules apply if you're still working and participating in Continental Resources's retirement plan). You have to make the withdrawals by the date required — the end of the year for most individuals. The penalty for failing to do so is substantial: 50% of the amount that wasn't distributed on time. As a fortune 500 employee, making these distributions in a timely manner is essential as to avoid the late penalty.

7. Weigh year-end investment moves
Continental Resources employees and retirees shouldn't let tax considerations drive investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. For example, if you have realized net capital gains from selling securities at a profit, you might avoid being taxed on some or all of those gains by selling losing positions. As a Continental Resources employee, any losses over and above the number of your gains can be used to offset up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your taxes in future years.

Tags: Financial Planning , Tax , Retirement , 2022

What type of retirement savings plan does Continental Resources offer to its employees?

Continental Resources offers a 401(k) retirement savings plan to help employees save for retirement.

Does Continental Resources provide a matching contribution for its 401(k) plan?

Yes, Continental Resources provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

How can employees at Continental Resources enroll in the 401(k) plan?

Employees at Continental Resources can enroll in the 401(k) plan by completing the enrollment process through the company’s HR portal.

What is the eligibility requirement for participating in Continental Resources' 401(k) plan?

Employees must be at least 21 years old and have completed a minimum period of service to be eligible for Continental Resources' 401(k) plan.

Can employees of Continental Resources choose how much they want to contribute to their 401(k) plan?

Yes, employees of Continental Resources can choose their contribution percentage, subject to IRS limits.

What investment options are available in the Continental Resources 401(k) plan?

The Continental Resources 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

How often can employees at Continental Resources change their 401(k) contributions?

Employees at Continental Resources can change their 401(k) contributions at any time, subject to payroll processing deadlines.

What happens to the 401(k) savings if an employee leaves Continental Resources?

If an employee leaves Continental Resources, they can roll over their 401(k) balance to another retirement account or take a distribution, subject to tax implications.

Does Continental Resources allow for loans against the 401(k) plan?

Yes, Continental Resources allows employees to take loans against their 401(k) plan, subject to specific terms and conditions.

Are there any fees associated with the Continental Resources 401(k) plan?

Yes, there may be administrative fees associated with the Continental Resources 401(k) plan, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Restructuring Layoffs: In 2024, Continental Resources announced a significant restructuring plan, leading to the layoff of approximately 15% of its workforce. This decision is part of a broader strategy to streamline operations and reduce costs amid fluctuating oil prices.

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For more information you can reach the plan administrator for Continental Resources at 20 N. Broadway Oklahoma City, OK 73102; or by calling them at (405) 234-9000.