The income tax you pay will be based upon the net profits of your business. The profit or loss will be taxed on your personal tax return. In addition to income tax, you will be subject to self-employment taxes.
Depending on the amount of tax that you will be have to pay, you may be subject to paying estimated taxes on a quarterly basis during the tax year, rather than just paying 100% of your taxes when you file your income tax return on April 15.