People may think accountants and their work are boring. But not if you ask Rafael Schuck.
“We go through so many individuals with so many stories,” said Schuck, 62, who is partner with his wife Leonor Schuck, 64, in their firm R&L Schuck – CPAs.
Their team of five help businesses and individuals with their accounting and tax needs.
“Clients try to be creative with deductions and risk getting penalized, but they are few and far between,” he said. “I see how much money they make, and I can tell when things are embellished. Most of my clients are serious people and honest people.”
The couple own five entities including real estate investments, and in November, celebrated the 10th anniversary of their accounting firm.
Their office at 6710 Main St. in Miami Lakes, is above the Francisca and Dunkin’ restaurants.
“When we found this place here in Main Street it was perfect,” he said. “We’re looking over 67th Avenue and I look over these beautiful palm trees that get illuminated. When I hear the music in the neighborhood bars and restaurants, it’s time to go home.”
Home for the Schucks, by every definition, is Miami Lakes.
It’s where they’ve lived in the same house for 35 years, where daughters Jacqueline, 35, and Katherine, 31, attended Our Lady of the Lakes Catholic School and Monsignor Edward Pace High School before leaving for college, and is where the grandparents of three have volunteered for their church and school.
Leonor serves on Our Lady of the Lake’s church and school finance council. Rafael volunteers as treasurer for the Miami Lakes Chamber of Commerce and is a new member of the town’s Economic Development Committee.
“We live, work and play in the town,” Schuck said. “It’s an enclave in this concrete jungle we live in. …Everything is so close. The neighborhoods are so clean.”
Rafael and Leonor, both certified public accountants, have experience at national accounting firms. He said understanding the demands of accountancy and client services enables them to work so closely together.
“It’s about understanding and respect,” he said. “… sharing the responsibilities for family and the business. We coordinate when we need help with a client and back each other up. We’re not on top of each other, telling each other what to do.”
It’s the busy season for accountants. There’s a truism in the business: Tax planning happens before the end of the year, and tax evasion happens after, he said.
In other words, let your accountant guide tax preparation and other financial events, and document anything that is to be deducted.
“We might be in the digital age but as far as business expenses are concerned, you still have to keep records, whether in the cloud or on paper,” Schuck said. “Record keeping is important. The format is irrelevant. I have clients that bring me a shoe box of receipts or send big envelopes in the mail. We have others who email statements in Google files.”
Among IRS audit triggers: “Failing to report all taxable income; high income or unusually large deductions; claiming rental losses or hobby expenses as business losses; early withdrawal from retirement accounts, and digital asset transactions (virtual, cryptocurrencies) and foreign bank accounts, which can lead to money laundering,” Schuck said about alerts he gets from the government and professional literature.
“Accurate reporting and thorough documentation can mitigate many of these risks and protect your business,” he said.