Contract work or permanent, which would you take? - 13 months and counting

I got a contract offer for 5 months as an accountant and I am unsure whether to accept. I have read a lot of threads here and could not find my exact situation. The contract could extend. What would you do?

Thanks for writing this out. I went through something close to it last year, and it got easier once I kept a simple log of every call and form.