I'm gonna share anyway, because I think it's a good idea. All you need is a color printer and some card stock matte paper (80 # is good). I used a 3" tag puncher that I just got and am pretty into, but you could trace a tag on the back of the image or just cut out in any shape you want. It's a fun idea to have the gift have an old picture of the person the present is for, but you could also use old found photographs.
I got the idea from Sweet Paul magazine. Here's what it looks like when a professional prop stylist takes the pics.
Here's how mine turned out:
The black and white photo is a found one from my collection.
Hope these inspire you a bit. Next week I'm gonna have some free vintage printable tags. And check out the post on The Cedar Chest on using copies of vintage cards to make your Holiday cards.