The Tax Season Hangover: Record Retention, Penalties, and Planning

Tax day has passed, but the work isn’t over. In this episode of The Millionaire Dentist, Jarrod Bridgeman sits down with CPA Brodie Hough to discuss how to navigate the "post-tax season" landscape without leaving yourself vulnerable to the IRS.We’re moving beyond the filing deadline to tackle the logistical and strategic questions that keep practice owners up at night—from exactly how long you need to keep that stack of paper to why a "big refund" might actually be a sign of poor planning.In this episode, we cover:The Seven-Year Rule: A definitive guide on record retention for business vs. personal returns, and which documents you should never, ever throw away.The Price of Procrastination: Breaking down the 25% penalty traps for failing to file or pay, and how the IRS views extensions (hint: it’s not an extension to pay).Aiming for Net Zero: Why a $1M practice should strive for a "near zero" tax balance and how to use quarterly estimates to stay penalty-safe.The "One-Time" Get Out of Jail Free Card: How to leverage IRS penalty abatement if you’ve found yourself on the wrong side of a deadline.Audit Myths Debunked: Why delaying your filing doesn't actually lower your risk of an audit, and the importance of CPA/Financial Planner coordination.Don't let post-tax season clutter or confusion stall your momentum. Join us for a tactical deep dive into protecting your practice and your peace of mind.Upcoming Tour Dates: Go to our EVENTS page for infoFacebook: Four Quadrants AdvisoryInstagram: @fourquadrantsadvisoryLinkedIn: Four Quadrants Advisory