@Dar16 , from your post it sounds like this is your first year as a business owner. Would strongly recommend you to have a discussion with an accountant / lawyer to understand the book-keeping rules for a business and the tax laws that affect the business. There are classes offered by your state small business development that perhaps you could attend.
Besides the self-education , there are few things that you need to rightaway---
1. Set up a business account at a bank ----- You need to make a deposit to this account if you are sole investor and / or all contributions from your partners in the business. All incomes and expenses of the business are into / out-of this account.
2.acquire the services of an accountant ( or buy & use accounting software like quickbooks ) to keep track of the expenses and incomes.
3. Register with your state for sales tax ( if you are selling items ) accounting , including cerdit for sales taxes paid on components that go into the product that you sell
4. Get an EIN from the if you are going to have employees
5. Decide on the type of entity the business is going to be and rules of the business -- need legal advice/help
6.If you are a self-employed ( i.e. providing service only ), you need to include in your pricing 15.3 % SECA ( equivalent to FICA Taxes for the self-employed), in addition to profit target. Stae and federal taxes are also your responsibility , except that you must now pay quarterly estimated taxes ( same as an employee ).
There are host of other things that go into running a business. I am not trying to scare you , but getting inot business with knowing your risks will assure the survival of the business.
If you want / need more help, you are welcome to PM and I will do my best to help you ( please no Personally Identifiable Information). I have had my own corp., many years back )
pk
