Epiphany is January 6th,
a feast intended to celebrate the "shining forth" or revelation of God to mankind in human form, in the person of Jesus. The feast is also called Twelfth Day, as it is the twelfth day after Christmas, or Three Kings Day. WikipediaThere are many advantages (beside the one I stated above) to giving presents on Epiphany vs. December 25th (I was going to say Christmas but for many Christmas includes the 12 days, beginning December 25th and ending January 6th). Now this is where the scrooge in me comes in...we buy our presents at the after-Christmas sales. Yep, instead of buying clothes, toys, games at full price, I wait until they hit 50-75% off.
The more contemplative, spiritual side of me appreciates that we are celebrating the 12 days of Christmas like the ancient church did and so many fellow believers do today.
Now in all honesty there are a few bummers about giving presents on January 6th and not December 25th: All the kid's friends have their gifts earlier; the kids are back to school by January 6th so our celebration isn't an all-day affair (unless it falls on a weekend) and we have to wait to the evening; and our extended families do not celebrate this tradition so we are torn on December 25th (do we open the mailed-presents from them, when we are away from them, or hold off till Epiphany? Most of the time we open them on the 25th so - BINGO - the kids open presents twice!) But that isn't so bad.