It's December 25th. You've opened all your presents, and drank all your nog, now what?
Give all your presents away.
Well, give most of them away. You won't need most of that stuff anyway (except the pocket soduku and the warm socks, mmmmm, warm socks), and you're running out of time for charitable deductions for 2010. Assuming they're true gifts (i.e. you didn't buy them), they're pure gold in your itemized 2010 Schedule A. As long as your donations don't exceed $166,800 ($83,400 if you are married filing separately), then there's no reason not to itemize.
While you're at it, look through your cramp living quarters for other non-essential goods. Tammy and I give to Goodwill every other month. There's stuff lying about that you don't want, much less need. (Easy candidates include anything you tripped over to get to the computer to read this post). Free up your life. Free up your home. Live free!