What Should a Christian Look For When Deciding Whether to Partake or Not Partake in a Holiday or Celebration?

'Celebrate' means:

"to observe (a day) or commemorate (an event) with ceremonies or festivities."-Random House Dictionary

There are many things or occasions where it is proper for a Christian to "observe" or "commemorate". But even during a celebration, Christians would want to be guided by the principles that apply every day of their lives:

"As in the daytime let us walk decently, not in revelries and drunken bouts, not in illicit intercourse and loose conduct, not in strife and jealousy. But put on the Lord Jesus Christ, and do not be planning ahead for the desires of the flesh." - Rom. 13:13, 14

Not all beliefs and customs are bad. However, God does not approve of them if they come from false religion or are against Bible teachings. - Matthew 15:6