An LLC is a legal structure, not a tax category. The IRS taxes it according to how many owners it has and whether it has made an election, and Florida adds its own filings on top. Here is what applies to most Miami LLCs, and the two cases people get wrong most often: the LLC with no income and the LLC with a foreign owner.
One owner: the LLC is “disregarded”
A single-member LLC does not file its own federal income tax return. Its income and expenses go on Schedule C of the owner’s Form 1040 (or Schedule E for rentals), and the profit is subject to self-employment tax. The LLC still needs its own EIN if it has employees or chooses to be taxed as a corporation, and its own bank account to protect the liability shield.
Two or more owners: a partnership return
A multi-member LLC files Form 1065 by March 15 and gives each owner a Schedule K-1. The LLC itself pays no federal income tax; each owner reports their share on their personal return. Late 1065 filings carry a penalty per owner per month, so the March date matters.
The S corporation election
Either kind of LLC can file Form 2553 to be taxed as an S corporation. The owners then take a reasonable salary through payroll and the remaining profit is not subject to self-employment tax. It pays off once profit is comfortably above that salary; our article on LLC versus S corporation walks through the numbers.
What Florida requires
- The annual report with the Division of Corporations, due May 1 every year ($138.75 for an LLC; a late filing adds a $400 penalty).
- No state income tax for LLCs taxed as sole proprietorships, partnerships or S corporations. An LLC that elects C corporation treatment pays the 5.5% Florida corporate income tax.
- Sales tax registration and returns if you sell taxable goods or services.
- Reemployment tax (Florida unemployment tax) if you have employees.
Does an LLC with no income have to file?
Often, yes. A multi-member LLC must file Form 1065 if it had any income or deductible expenses. A single-member LLC with no activity has nothing to report on Schedule C, but the owner still files their personal return. Every Florida LLC must file the annual report regardless of activity, or it is administratively dissolved. And an LLC with a foreign owner must file Form 5472 even in a year with no income (see below).
Foreign owners of U.S. LLCs
A single-member LLC owned by a non-resident must file Form 5472 attached to a pro forma Form 1120 every year it has a reportable transaction with its owner, which includes the owner putting money in or taking it out. The penalty for not filing starts at $25,000. If the LLC earns U.S. income, the owner also files a Form 1040-NR, usually with an ITIN. A multi-member LLC with foreign partners files Form 1065 and must withhold tax on the foreign partners’ share.
Keep the LLC’s money separate from yours. Mixing accounts is the most common way owners lose both the liability protection and a clean tax return.
Frequently asked questions
Does my LLC need to file a tax return?
A single-member LLC reports on the owner’s personal return (Schedule C). A multi-member LLC files Form 1065 by March 15. Any LLC that elected S corporation status files Form 1120-S. All Florida LLCs file the state annual report by May 1, and foreign-owned single-member LLCs file Form 5472 every year.
How are LLCs taxed in Florida?
Florida has no personal income tax, so an LLC taxed as a sole proprietorship, partnership or S corporation pays no state income tax. Only an LLC that elects to be taxed as a C corporation pays the 5.5% Florida corporate income tax. All LLCs file the annual report and, where applicable, sales tax and reemployment tax.
Should I elect S corporation status?
Usually when your profit is well above a reasonable salary for your role and you are willing to run payroll. Below that, the payroll and extra return cost more than the self-employment tax saved. Compare both with your real numbers before filing Form 2553.
Do foreign owners of U.S. LLCs need to file taxes?
Yes. A foreign-owned single-member LLC files Form 5472 with a pro forma 1120 every year, and the owner files a 1040-NR if the LLC has U.S. income. Missing the 5472 carries a penalty starting at $25,000.
General information, not advice for your situation. Rules change; talk to us before acting.
If you are not sure which forms your LLC owes this year, send us the formation documents and last year’s return and we will tell you.
Related service: Business Formation
By Martha Otalora · Founder & CEO, MO Accounting Services. Last reviewed October 2026.
