This year I went with wrapping paper in non-traditional reds and greens.
For each package, I crocheted a gorgeous snowflake (using the best step-by-step pattern on the internet; thanks Lucy!) using white yarn from my stash. (They're supposed to be blocked to get their full lacy goodness, but I went with a softer, lazier version.)
The packages are tied with 99-cent twine from IKEA, which comes in black and white. I told Joe we were going to use the black twine on the Christmas presents and he was incredulous. I convinced him that it would be okay. And look--it is. Trust me.
For the tags, we used artist's shrink plastic. (Remember Shrinky Dinks? Go to your local art supply store and get your own adult version!) (OR, a quick googling will teach you to make your own shrink film out of #6 plastics!)
Take out your decorative scissors (they make lovely edges), your hole punches (we used a circle and a star), and your permanent markers. Draw trees and snowmen and snowflakes and swirls.
Bake. Let cool. Thread your twine through the hole, and have some more egg nog.