Should you pay someone to do your taxes?

(MoneyWatch) Every year in the run-up to the filing deadline, people debate whether they should do their taxes themselves or pay a professional. That is, is it better to spend time or money?

With most things in life, the answer comes down to personal preference and opportunity cost. With taxes, however, the American tax system is so complicated that this is a less straightforward question than it might be. My family hires an accounting firm, yet we still spend a lot of time pulling together information about our various investments and my business. On the other hand, we discovered this past year that different firms charge very different amounts.

And, in one scenario, you can save both time and money: If your accounting firm discovers that you haven't claimed a deduction you're entitled to, then hiring a pro might pay for itself!

We can be clear on certain extremes. If your only income is on your W-2 and your life doesn't feature complicated deductions, you can do your own taxes. If you're, say, Mitt Romney, and have some elaborate system for paying as little as possible, well, you're probably paying good money to make that happen.

But what about if you're somewhere in the middle?

Here's a rational approach. Try doing your own taxes this year. (Yes, there's still time.) Calculate how many hours it takes you. Figure out a dollar amount your leisure time is worth to you. Then, once you're done and have filed, take your return to a pro. Do this after tax filing season for a more thoughtful answer. Ask how much their shop would charge for a return like yours. Then see how the two expenses compare. If the professional's number is too high, shop around and get estimates from a few other places, or negotiate. Then, next year, outsource your taxes and consciously use the extra time for something productive.