Maybe, the IRS says:
"Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed."
If the $3500 is gross income, you have to consider expenses as well. Also, be wary because you may owe self-employment tax (social security and Medicare) in addition to any income tax. Also, you must consider if you have other income- if the business income is your only income, it is unlikely you would owe the $1,000, but if you have other income you have to consider the total to determine the $1,000
If you have a W2 job you can always increase the withholding instead of the estimated tax payments.
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