Plumbing & water

Books and taxes for tankless water heater specialists.

A conversion job that bundles the unit, a gas line upsize, and venting work, plus utility rebates and financed installs that pay out on their own schedule. Gus sorts all of it, an accountant checks every transaction, and you get one number a month.

Book a call What we handle
  • From $197 a month
  • An accountant on every transaction
  • Cancel whenever
SeptemberExample month
$13,200
what you made

September came in at $13,200. The Rinnai conversion on Maple Street included a gas line upsize, so I split the unit, the gas work, and the venting into three lines instead of one lump job.

  • Service Fusion payoutTankless installs
  • GreenSky payoutFinanced conversions
  • Annual flush renewalsMaintenance contracts
  • Winsupply invoice, vent kitsUnits and venting
  • Rinnai training renewalCertification and training
Money in$52,600
Money out$39,400
Set aside for taxes$3,400
An example month. Yours will have your numbers.

Why your books are different

Tankless books go wrong in the same few places.

A generalist sees one job total. Your business is a unit, a gas line upsize, and venting work bundled into one ticket, plus utility rebates that arrive on their own schedule. When the books do not split that out, you cannot tell what the conversion itself actually made you.

  1. 1

    A conversion job is really three jobs in one

    A $4,800 tankless conversion often includes the unit, upsizing the gas line, and rerouting venting. Booked as one number, you cannot see which part of the job carries the real cost or the real margin.

    What we doSplits the unit, the gas work, and the venting into their own lines so you can see what each part of a conversion actually costs you.
  2. 2

    Utility rebates are not company income yet

    A customer's high-efficiency rebate from the gas utility sometimes routes through you as a mail-in check, and it is tempting to book it as a sale. It belongs to the customer, not the business, unless your contract says otherwise.

    What we doKeeps rebate pass-throughs out of company income and flags any that should not have landed in the business account at all.
  3. 3

    Financed conversions land short

    Because tankless jobs run higher ticket than a tank swap, more customers finance them, and the lender's fee on a $5,000 job is a real number, not pocket change.

    What we doBooks the full invoice as money in and the lender's cut as its own fee, so the true cost of offering financing is visible.
  4. 4

    Annual flush contracts get mixed into one-off service

    A yearly descaling flush, sold to protect the warranty, is recurring revenue. Mixed into one-off repair calls, you lose sight of how much steady income your maintenance contracts actually bring.

    What we doKeeps annual flush and maintenance contract billing in its own line, separate from one-time repairs.

Your categories

The categories Gus keeps for a tankless specialist.

Set up once for how you get paid and what you spend. You never pick a category. He does, and an accountant checks it.

Money in

  • Tankless installsNew conversions and unit replacements, billed by the job.
  • Gas line and venting workThe upsize and reroute work bundled into a conversion, tracked apart.
  • Financed conversionsThe full job amount, with the lender's cut booked as a fee.
  • Maintenance contractsAnnual descaling flush plans, billed yearly.
  • Repair callsError codes, ignition issues, and scale buildup service.

Money out

  • Units and ventingRinnai, Navien, and Noritz units, vent kits, and gas line materials.
  • Installer wagesKept apart so you can see labor against the jobs it ran.
  • Certification and trainingManufacturer certification renewals for Rinnai or Navien.
  • Truck and fuelFuel, repairs, insurance, and loan interest for the fleet.
  • Lead fees and marketingGoogle local services and Angi leads for tankless conversions.
  • Permits and inspectionsGas permit and inspection fees per install.
  • Financing and card feesWhat the lender, Square, or Stripe kept before you got paid.

What we watch for you

  • Conversion margin

    What a bundled job nets once the unit, gas work, and venting costs are split out.

  • Financing cost

    What lenders keep on financed conversions, which run higher ticket than a tank swap.

  • Contract renewal rate

    How many annual flush customers actually renew, since that is your steadiest income.

  • The set-aside

    What you will owe, tracked every month, so April is a number you already knew.

Ask Gus

Things tankless specialists ask Gus.

Text him like you would text anybody. He answers in plain English, and when a question is above his pay grade, an accountant looks and gets back to you.

That Maple Street job had a gas line upsize built in. Does that skew my numbers on tankless installs?

Not anymore. I split the unit, the gas work, and the venting into three lines, so your install category shows what the unit itself actually made you.

A customer's utility rebate check came to us instead of them. Do I count that as income?

Only if your contract says you keep it. I kept it out of income for now and flagged it so you can confirm with the accountant.

Should I keep offering financing on every conversion?

That is a call for the accountant with your full financing cost in front of them, not a guess. I have it ready whenever you want that conversation.

The tax side

The tax side of a tankless specialist business.

Most of what goes wrong here is bundling: a conversion job that hides three cost centers, and a rebate check that never should have counted as your income.

What your return has to get right

Your accountant signs it, so it gets done right the first time.

  • Equipment and trainingTools, diagnostic equipment, and even manufacturer certification training can often be deducted the year you pay for them, and larger equipment can qualify for full write-off under bonus depreciation, which is back to 100 percent for property acquired after January 19, 2025.
  • Contractor 1099sAnyone not on payroll who you paid $2,000 or more in 2026 gets a 1099-NEC by January 31. Gus keeps that list all year.
  • Sales tax on installed materialsWhether the unit, gas line, and labor are taxed together or separately usually depends on your state's rule for installed real property. Gus flags it and the accountant confirms your state's treatment.
  • The pass-through deductionMost owner-operators can take up to 20 percent of business profit off their taxable income. It comes out right when the books are right all year.

Deductions tankless water heater specialists miss

Your bookkeeper knows what to look for in your statements. You never have to.

  • Truck fuel and repairs
  • Vent kits and gas fittings
  • Descaling flush kits
  • Manufacturer certification fees
  • Diagnostic tools
  • Uniforms with your logo
  • Google local services ads
  • Gas permit fees
  • Phone and tablet for dispatch
  • License and bonding renewal
  • Financing and card fees
  • Continuing education courses

General information about 2026 federal rules, not advice for your business. Your accountant looks at your actual numbers before anything gets filed.

All year, not just April

A tankless specialist's year, kept every month.

Conversion jobs pick up ahead of colder weather and rebate deadlines. Your taxes come on a schedule. Your team keeps you ahead of both. Every month in between, your bookkeeper closes the books and speaks up the moment something looks off.

  1. January

    Plan the year

    Last year's return gets started, the 1099 list is ready, and you get a monthly set-aside so April is already handled.

  2. April

    Filed. Done.

    Your return is filed and signed. No surprise bill, because the set-aside has been running since January.

  3. July

    Halfway check

    Where you stand, what you will owe, and whether the spring conversion push changed the number.

  4. October

    Before the rebate rush

    Homeowners chase utility rebates before they reset for the year. Before that rush, Gus looks at equipment you might buy and anything worth doing before December.

What you get

Starts at$197a month

What you pay depends on what your business needs, and it does not move after that, busy season or slow. No hourly bills, no surprise invoices, no setup fee.

Book a call
  • Monthly bookkeeping

    Every transaction sorted into categories set up for tankless water heater specialists. You never categorize a thing.

  • An accountant checks every transaction

    Real review, every month, before your books close. Not a spot check.

  • Your business tax return, filed

    Prepared, reviewed, and signed by that same accountant every year.

  • The monthly number

    What you made, what you spent, what to set aside for taxes.

  • Your own bookkeeper

    A real person assigned to your business, in the app whenever you need them. No hold music.

  • On your books all year

    Every month, not just in April. Your team speaks up whenever something is worth your attention.

  • Cancel any time

    No contract. No cancellation call. Your books are yours.

Straight answers

Questions tankless specialists ask first.

Can Gus split a conversion job into its parts?

Yes. He keeps the unit, the gas line upsize, and the venting work on their own lines, so you can see what each piece of the job actually earns.

How does Gus handle utility rebate checks?

If the rebate belongs to the customer under your contract, he keeps it out of your income and flags it for the accountant to confirm.

A lot of my conversions get financed through GreenSky. Can Gus track that?

Yes. Because conversions run higher ticket, the lender's fee is a real number. Gus books the full job as income and GreenSky's cut as its own cost, so that number stays visible.

Do annual flush contracts need their own category?

Yes, and Gus already keeps them apart from one-off repair calls, so you can see your recurring income clearly.

I dispatch everything through Jobber. Will Gus need to connect to it?

No. Gus does not need to touch Jobber. He reads the bank deposits and sorts them, including splitting a bundled conversion job into its parts, without needing your scheduling software at all.

My records for the last few conversions are a mess. Can Gus still sort them out?

Yes. Send the statements covering those jobs and Gus will split each conversion into its parts and get the categories right, even working from a backlog instead of one clean month at a time.

Is a real accountant checking my books?

Yes. You get your own bookkeeper, Gus does the first pass on every transaction, and an accountant checks every one before your month closes. That same accountant prepares, signs, and files your business return. Goatkeeper is not a CPA firm, and we never pretend a person looked when they did not.

What does it cost, and can I cancel?

It starts at $197 a month, depending on what your business needs. No setup fee, no hourly bills, no contract. Cancel any time from the app, and your books go with you.

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Book a call

Pick a time. That's the whole signup.

Fifteen minutes with a real person on our team. They look at where your books are, tell you straight what it takes to get caught up, and get you set up on the spot if it fits.

  • $197 a month to start
  • An accountant on every transaction
  • Cancel whenever