For an IRA contribution. If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes. See IRS publication 590 http://www.irs.gov/pub/irs-pdf/p590a.pdf
What kind of business did you form? Is it a self employment, freelance, sole proprietor or Single Member LLC etc. And if you are married and both work in the business there are other rules to consider. You might see an Accountant or tax professional to get things set up right the first year.
