Overlooked deductions: Home office expenses

When my husband and I first started our business, we turned part of our house into a proper office. It was furnished with two desks, computers, and a copy machine on one side; a small conference table and chairs on the other. A separate phone line and fax ran only to that part of the house.

Ten years -- and three kids -- later, our old office is now our master bedroom. My "home office" is now a spot on the couch where I desperately attempt to get work done at odd hours. Fortunately, we've expanded outside of the home into a much larger office, so our dedicated work space is a few miles up the road. Even though I work from home quite a bit these days (it's part of what comes with being a parent and owning a business), we no longer claim a home office deduction on our tax return. We simply don't meet the criteria anymore.