"Reds and greens are always big for the holidays," Weiss said. "[Oxblood] is a hot color I see translating a lot to New Year's dresses." There you have it, ladies: Trade your LBD for a LOD--little oxblood dress.

When you don't want your wardrobe to do the talking but still want to make a statement, use accessories to pump up the volume. For men, a scarf in a pop of color or fun pattern does the trick, as does the perfect footwear.

"The biggest thing [for men] is a nice shoe," Maier said. "A double-monk strap shoe is an Italian style and very bold, but not boisterous. It's almost guaranteed you'll get compliments."
Maier also suggests cuff links or other similarly small extras to stand out from the sea of suits.

For the ladies, Gambaccini and Weiss like the idea of a statement necklace added onto a simple dress, while Eisen gravitates toward a pair of heeled booties to give your go-to pumps a break.

"A high [ankle boot] with a big heel is really big right now," Eisen said.

While New Year's Eve is a one-night occasion, sometimes doling out a bit of extra cash can make a look worthwhile.

Men's nighttime fashion trends don't go out of style too often, so investing in a few key pieces is a good idea not just for New Year's, but for future occasions. Renting a tux seems like a good route for those who don't dress in black-tie outfits too often, but the fit can be sacrificed.

"The way the market has changed, it's less expensive to buy a suit rather than rent," Maier said. "$200 for [a rented] one looks terrible and feels terrible. If you're [about] 30 and older, you will find uses for a tux more often than not."

Eisen believes that investing in quality pieces will stand the test of time. Versatile pieces in style now that are worth breaking the bank for include a leather jacket, a sequined shell or an all-over lace dress.

No matter how great the clothes look on the hanger, proportion is vital. For men, this means maybe making a trip to the tailor, said Maier. For women, it's all about balance.

"Short, tight dresses are not creative," Gambaccini said. "If you want to show leg, cover up on top with a higher neckline and sleeves. Everything should be in moderation."

Not only does a good fit mean the garment looks better in person, but also in photos.
"Everyone has that story where their dress ends up around their waist," Weiss said. "You know pictures will end up on Facebook and Instagram."

Before you head out for the night, take a photo of yourself with your phone to check for potential wardrobe malfunctions.

This may seem like a no-brainer, but dressing appropriately for your event is crucial. A warm coat to shield you from winter weather is a must, as is putting away the cleavage for a co-worker's shindig. For a black-tie event, men should traditionally wear a tuxedo and ladies should go for a long gown.

"Don't try to look like you're going to a rose ceremony [from 'The Bachelor'] or you're from 'Real Housewives of New Jersey,' " Weiss said. "This is Chicago. It's cold in December. Be sophisticated and sexy. Also, I don't want to see guys in Ed Hardy."