I have a LaTeX project set up:
tex/
- documents/
- some_file.tex
- support/
- todonotes.sty
where some_file.tex us
You can put style files in ~/texmf/tex/ and standard LaTeX distributions should find them. If you prefer to install them system-wide, you can put them in the corresponding texmf/tex folder within your LaTeX installation (the location of this installation on OS X varies depending on which LaTeX distribution you used).
You can use tlmgr conf at the command line to list all of the distribution configuration information. The TEXMFHOME variable gives the path to your texmf tree.