For special presents, make tags from scratch. Outline the shapes of cookie cutters onto colored paper and cut out the designs with an X-Acto knife.
Stamp tags with Yuletide wishes and images. (Rubber stamps, $7 to $16 each; and ink pads, $6 to $13 each: the Ink Pad, 212-463-9876.)
Fiskars Paper Edgers ($5, fiskarscrafts.com for locations) transform scraps of paper into delicate labels with scalloped edges.
Dress up plain paper with metallic stickers―stars, snowflakes, hearts, dots―and your presents are guaranteed to twinkle beneath the tree.