Wrapping is the best part in my book. It goes hand-in-hand with our obsession with packaging.
Every year we stick with the same rules:
1. Keep it simple. Super simple.
2. Make it look special by using unexpected colors (I don't think we have ever used red and green).
3. Make your own labels or buy plain ones. This year we got labels from the Martha Stewart line at Michael's. They were the same price as tags from Target.