Lots of good advice. Take a small business accounting class. Sometimes offered by the SBA. Talk to an accountant to get yourself setup. Get a business license/tax license. Many suppliers at wholesale won't sell to you without it. General wisdom is that you need to be able to show a profit motive/intent if you are audited. The advice about the brother with the engineering firm implies corporate tax structure, not a Schedule C. Much easier to 'break even' in that situation. Keep excellent records. Quickbooks is easy. It can feed TurboTax for Business or feed, I think, TurboTax individual, to get your taxes in order. The first year you might want to invest in having a CPA do a review. Once you get it understood and in control less need for an accountant to do the repetitive reviews.
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