NEW YORK (MainStreet) — We're deep into the 2015 tax season, and the dollars are really starting to add up. The Internal Revenue Service reports processing about 50 million returns through Feb. 20, with 83% of those returns triggering refunds totaling $125 billion, or $3,120 on average for each taxpayer.

That money should come in handy for Americans who earn a tax refund, but refunds aren't the only way to generate extra income. Deductions, loopholes, deferrals and retirement tax breaks, among other things, can keep cash in your pockets during tax time.

Where to get the best tax breaks? You might want to start with these "most favorite" tax tips from financial experts and actual taxpayers.

Donate to charity. Turn all that junk in your home into a tax deduction, says Holly Wolf, chief marketing officer at Conestoga Bank, near Philadelphia. "I donate to a charity to get a deduction from just about everything I want to jettison from my home," she says. "That includes canned food (food pantry), trophies (boys and girls clubs), old bedding (animal shelter) and household items (to the women's shelter). Instead of paying to have it removed, I donate it and get a tax break."

Many people automatically assume when they give a bag of donated goods to the Salvation Army, Goodwill or to a local religious organization that it is valued at about $50 a bag. Not so, says Ted Jenkin, founder of the personal finance site YourSmartMoneyMoves.com. "You can actually go to satruck.com and get an example of the true itemized cost list of different items you give away to charity." It can make a big difference, depending on the amount of items and quality of items you give to charity, Jenkin says.

Get "flexible" on health spending. "My favorite tax tip I use, for myself and for many clients, is the $5,000 [Flexible Spending Account] on the earner who makes less than the Social Security earnings limit," says Damian Rothermel, a certified financial planner at Portland, Ore.-based Rothermel Financial Services. "For example, if my wife makes $50,000 and I make $150,000, she should have the $5,000 taken from her benefits package." That move completely avoids federal taxes regardless of who takes it, as long as spouses use it for qualified health expenses.

For the fastest return, e-file your tax returns with direct deposit. You can get an income tax refund within seven to 14 days, as opposed to eight weeks, for other methods by e-filing, says Jeanette Pavini, savings expert at Coupons.com. "That means you could have your refund check in hand long before the majority of Americans have even given filing taxes a single thought," Pavini says.

Small business owner? Split your bank account. "The best tax tip I ever got for my business came from my banker," says Chris Denny, president at Lead Optimize, a Houston marketing firm. "When I was setting up the first checking account to start Lead Optimize, my banker suggested I open two accounts, call the second one 'tax account' and automatically transfer between 25% and 35% of every deposit into that account. I did so – I deposited 35% of every deposit – and never had to worry about having enough money to pay sales or federal income taxes, because the money was there by default."

Follow the "3T-ladder" rule when making a major tax decision. Noel Dalmacio, a CPA at Dalmacio Accountancy in Irvine, Calif., advises following three simple rules when figuring out your taxes and looking for the best money-saving tips. "Taxable is the last resort," he says. "Tax-deferred — that's better, and tax free is the best of all."

— Written by Brian O'Connell for MainStreet