Furniture item up to now reduced (4)
I believe the answer is:
sofa
'furniture item' is the definition.
(sofa is a type of furniture)
'up to now reduced' is the wordplay.
'up to now' becomes 'sofar' (I've seen this in another clue).
'reduced' means to remove the last letter.
'sofar' with its final letter taken away is 'SOFA'.
(Other definitions for sofa that I've seen before include "Oafs (anag.)" , "Divan" , "Upholstered seat for more than one person" , "Item of furniture" , "Chesterfield, maybe" .)