Tax filing query - Resident or non resident

[scorps]

Hello,

I moved to US in first week of October 2014(which makes my stay in USA less than 180 days for 2014).

For tax filing what is the best option? File as non resident or a resident?

Can you please share the advantages disadvantages?

Do i need to show the India income?

Will i be getting any money back?

Thanks

[inadmissible]

Resident aliens can claim personal exemptions and exemptions for dependents in the same way as U.S. citizens. However, nonresident aliens generally can claim only a personal exemption for themselves on their U.S. tax return. http://www.irs.gov/publications/p519...link1000222442

Resident aliens are taxable on their worldwide income - although there is the huge Foreign Earned Income Exclusion. Nonresident aliens are taxed based on the source of their income and whether or not their income is effectively connected with a U.S. trade or business. http://www.irs.gov/publications/p519/ch04.html#d0e3495

Nonresident aliens are not taxable on most United States bonds, nor are they subject to capital gains taxes on United States securities. http://www.irs.gov/publications/p519...link1000222261

If you have the opportunity to elect either non-resident or resident tax status, which is more advantages? It obviously depends the source and amount of your and your wife's income. Sometimes filing jointly vs separately makes a huge difference.