What happens when you report your home business/self-employed income yearly, not quarterly?

Question by Chris T: What happens when you report your home business/self-employed income yearly, not quarterly?
I heard there’s a penalty for not reporting your income every quarter. What happens when you report it annually?

Does the amount of your income affect this at all? As in, is there a minimum amount you have to make to have to report it quarterly instead of annually?

Thanks for any info!

Best answer:

Answer by Sitinpretty
They try to fine you, but you can just file for them to waive the fine

What do you think? Answer below!