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New Tax Law Benefits Small Business Owners Congress recently passed and the President has signed yet another new tax law. This latest effort is called the Small Business and Work Opportunity Tax Act of 2007 (the Act).   Home Office Deductions If you are self-employed (or considering becoming self-employed) and working out of an office in your home, there are strict rules that apply to deducting expenses related to a home office. If you are able to meet these requirements, the expenses related to your home office will qualify for the more favorable treatment as above-the-line business expenses.   Teaching Children about Money How to tie their shoes and tell time are important skills parents teach their children. But don?t forget the important skill of learning how to handle money. If you don?t teach them, they?ll be left to the experts on the schoolyard or (worse yet) Madison Avenue.