I use several of the plastic small drawer units intended for nuts, bolts, screws etc. They are ideal for storing needles, buttons, elastic, and all sorts of accessories. They come with various drawer sizes and can be stacked. With the clear plastic fronts you can quickly find what you need. I find the hot wheels storage containers from the toy section are perfect for storing thread.

Light is critical--I use daylight fluorescents and love love love my ott light.

I like the plastic wheeled drawer units to store projects in progress.