Regardless of the industry you're in, every business needs a way for customers to contact them. With an office of one, you may be able to get away with using just your local number, but as your business grows it's likely that your local number will no longer cut it and it will make sense to get an 800 number.
Yet there's a limit to how much you can put into an IRA every year. The limit on traditional IRA contributions for the 2018 tax year will be $5,500 for those younger than age 50, and $6,500 for those who are 50 or older. That's the same limit that's been in place for five years. If you make less than that amount from earned income from a job or self-employment, then your contribution is limited to your earned income.
For a Traditional IRA, individuals age 50 and over can also make catch-up contributions from earned income: an additional $1,000 for tax years 2014 and 2015, totaling $6,500, each year respectively. Roth IRAs have the same contribution limits but also have income elgibility requirements. Roth IRA is an individual retirement account to which you contribute after-tax dollars. Contributions and earnings can grow tax-free, and you can withdraw them tax-free after age 59Â½. Depending on your situation, a Roth IRA can be more flexible than a 401(k) or Traditional IRA.