Keeping track of my business

Yes. That is a possibility.
Hourly wages and salaries are an operating expense to the business. Operating expenses are deductible from the business's earnings.
So are tings like office supplies, rent, utilities, collected state sales tax on the products or services you sell, and the initial purchase of those products, or the raw materials to manufacture them, phone bills, vehicle and facilities maintenance and repair, etc.

Vdart's advice is spot on. talk to a good tax lawyer/Accountant, they can tell everything that is legal in your state for federal and state deductions, and what will be taxed.

They can also let you know the best way to protect yourself, and separate your personal assets from your business assets. In some cases incorporating is the answer, in others forming an LLC (Limited Liability Corp.) or LLP ( Limited Liability Partnership) is the better avenue to take.

Many start up company owners forgo drawing a salary, at first, to limit the draw against the bank account, but I do recommend that you plan on drawing a salary for yourself, and your wife if she is going to be part of the business, if not from the start, then as the business becomes more productive.

...by the way, "vacations" are not deductible, neither is personal spending. Bonuses are deductible for the company, but are still subject to income taxes ( Fed and State) at the applicable rate.