The real issue with self-employment income is the 15.3% self employment tax that comes off the top. Then, after that, you pay income tax on the remainder. Any deduction you can legitimately claim has a large benefit on the tax you will incur on the income.
There's a new, simplified method of calculating the home office deduction. It's easier, and depending on where you live, may make more sense for you than the traditional method. It also reduces the paperwork required to support your claim.
Also, there's no limit to the area in your home that you can claim to be a home office. If it's just a 3'x2' workstation in the corner of your bedroom, you should take it.
Don't forget any other expenses you can legitimately apply to your business, like mileage, supplies, etc.