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Without stating my opinion on the moral issues, not reporting income can be a double edged sword. It is great to think of all the $$ you are saving but try to buy a car, house, or anything else on credit. As far as paying quarterly versus yearly, how good are you at saving the cash needed at the end of the year? The other financial advise I give to everyone I know is if your not filing a schedule C why the hell not. Take your favorite hobby, woodworking, quilting, whatever and start writing off everything that can be construed to involve this enterprise. You can lose $$ for years on this and not put up a red flag. You are only perfecting your craft or building your business to fall back on in times of need or after you retire.
Disclaimer: I am not an accountant or an attorney. I in no way am responsible for any problems you have after taking my advice. You F***ed up and trusted me.
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