According to Chapter 2 of Publication 505 on the IRS website, I am not required to pay estimated self-employment taxes because I do not plan on having taxes totalling over $1,000 by the end of the year. This simply means that I pay my 2015 taxes in full when it comes time for my annual 1040 at the start of 2016, correct?
Also, what happens if I get to about August and it starts looking like my total taxes will be more than $1,000?
As for some background information; I am self-employed through my own IT business, which is an LLC that is taxed like a sole proprietorship. I need some time to develop some software that my company will use to provide its service, and my only income is very small payments from another business who is allowing me to alpha-test and further develop my product. I'm making enough money to live (which will definitely not require more than $1,000 in taxes), however I have absolutely no idea how long it will take me to finish this product. There's a chance I may finish my product before the end of the year and start making way more money.