Well there are two more things i think you should know. I am not sure if you are aware of self employment tax (the tax designed to be social sexurity and medicare that would get paid at a normal w2 job) and it applies to the net earnings of your business, alongside the federal income tax and state taxes. This affects most businesses in some way.

The other thing that is unique to money services businesses (MSB) has to do with how they are regulated. See, many businesses are operated in a single state, but depending on the scale of your operation, you may want receivers in many locations. The thing is, laws about msbs are primarily designed to protect the receiver of the money, so being in compliance generally happens at the place of the consumer. So it is often not enough to simply register in your home state. This affects MSBs more regularly than other businesses because most other businesses can just operate from a single state whereas in this industry the regulation is specifically designed to stop this.