This all depends upon where your business is located. You may have to pay local, state and Federal taxes. You may also be looking at sales and use taxes as well, depending upon location, product and service.

It depends on your location. Research taxes and permits needed for your city and state. I am based in New York State, which for me meant quarterly sales tax according to my county's rate (or yearly if sales are less than $3,000 a quarter). Since I had a partnership and no other employees, I filed my yearly income tax.