Know Your Numbers w/ Angie Benefiel, Holland Leather | Beyond the Workbench #19
Tax season has a way of making even the most passionate makers stop and question entrepreneurship. In Episode 19, Magnus sits down with Angie Benefiel: the leatherworking CPA. The two have the honest conversations most of us have been avoiding. Angie brings a rare combination: a leatherworker running her own brand (Holland Leather) who also works with accounting for a living.The conversation covers what actually separates a hobby from a business in the eyes of the IRS, what deductions most makers are leaving on the table, and how to think about bookkeeping when your materials come in hides, and your inventory does not fit neatly into a spreadsheet. They talk through entity structure, what an audit really looks like, and why tracking your mileage alone could be worth more than you think. Following the conversation, Odin reflects that much of this applies directly to scaling a leather business, including the ongoing challenge of managing inventory without tying up all your cash on the shelf.This episode was timed intentionally for early March, as many makers are working to figure out their taxes. Whether you are just getting started or already running a shop, there is something here worth hearing before you file.Disclaimer: Nothing in this episode is tax advice, rather conversations about accounting. If anything from these discussions resonates with you, we encourage you to discuss it with your tax professional.
Featuring Angie Benefiel of Holland Leather:https://www.instagram.com/hollandleather/ [https://www.instagram.com/hollandleather/]
TIMESTAMPS:
06:35 - Hobby or Business? What the IRS Says
09:14 - Steps to Make the Shift to Entrepreneur
12:12 - Home Office, Phone & Internet Deductions
16:16 - QuickBooks, Xero & Spreadsheets: What Works
20:39 - Cash Sales & Barter: It's All Taxable
22:57 - What Actually Happens During an Audit
26:34 - Angie's Sheridan Classes Breakdown
32:47 - LLC vs. Sole Proprietor: Which Is Right for You
38:42 - Mileage & Other Overlooked Deductions
43:35 - Tracking Inventory as a Leather Business
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HOSTS:
Odin Clack - https://www.instagram.com/odinleather [https://www.instagram.com/odinleather]
Michael Magnus - https://www.instagram.com/magnusopus [https://www.instagram.com/magnusopus]
Beyond the Workbench casually dives into the world of leathercraft, entrepreneurship, and modern maker life. Hosted by Odin Clack (full-time leatherworker and retail owner) and Michael Magnus (leather marketing expert and founder of www.learnleathercraft.com [http://www.learnleathercraft.com]), we explore everything from personal project updates to marketing strategies, retail challenges, and the business side of making.
New episodes are released on the first and third Thursdays of every month.
Enjoying the podcast? Please share it with someone who you think would find value in the conversations. If these conversations have helped your business and you're interested in supporting the show, visit our Patreon at https://www.patreon.com/beyondtheworkbench [https://www.patreon.com/beyondtheworkbench]
Edited and produced by Instrumental Media: https://instrumental.media/ [https://instrumental.media/]
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