I had my 94 formula 583 2up running when the headlight stoped working and than a few minutes later the tail light went out. Does anyone know what could be wrong or where I could start?

sounds like your voltage reg is gone

Yep it does sound like the voltage regualtor is gone, check to see if you dash lights are working, my guess is they are probably not. The regulator is a little spendy and it should be located somewhere around the recoil in your engine bay, its a little square box with some wires coming off one side.

Had mine go last year on my 02 it cost 60 dollars at the dealer.

My dash lights are woorking?