I am a permanent resident and my wife is right now here in USA who is in Tourist Visa ( B1). Can I apply I 130 & I 485 concurrently, if she is already in USA? She will travel back home by the end of year and plan to visit me again after sometime next year.

Yes you can file i130/130A and i485 all together. Your wife may want to file EAD/AP as well for free. If your wife travels outside US without AP, her i485 will be considered abandoned and denied.

Thanks for your reply. How do you do in such cases? She is in her Tourist Visa and needs to go back home in next 5 months ( she has initial 5 months of visa) and I doubt somoene will get AP in such small period of time?

Option 1: File everything. She stays in the US till she gets AP or GC whichever comes first. She can travel thereafter.

Option 2: File i130 only and she will go through visa interview in Nepal.

If you file i130/i485 both and she leaves the US without AP, her i485 will be denied and then she has to go through visa interview in Nepal. For that you have to file i824 ($465) with up to a year of processing time after i130 is approved so uscis forwards your case to NVC. In short, you will be wasting i485 and i824 ($1,600) and be adding almost 1 year of additional processing time if she leaves US without AP.