To create a new Tax Code:
In the main settings cogwheel, go into Account -> Tax Codes.
Click on the New/Plus button in the upper-right corner.
Enter a name for the new Tax Code, and click Save.
Once this is complete, the Tax Code base has been created. Next thing we need to do is add specific tax names and percentages. Click on the Taxes tab, and click the green add/plus button to add a new tax line.
Enter in the name for the first portion of the Tax Code. In this example, I added a line for State tax at 3%.
If this tax line would have any exemption rules, such as not being charged after a certain number of days, or if long term reservations would be exempt, you can select "Exempt Monthly Rates" (Or Yearly), or enter in a custom number of days in the box to the right on that same line.
To add another tax value to the Tax Code, click on the green add/plus button again. There is no limit to the number of tax lines that can be added to an individual tax code.
Once all tax value entries have been listed, click on the General tab at the top, and click the checkbox to mark the Tax Code as active. If a previously created Tax Code will no longer be in use, you can also uncheck this box to mark it as inactive.
Be sure to save!
On the Tax Codes main page, the new Tax Code will be displayed, and the individual tax lines will also be shown for quick reference as to what's contained within the Tax Code. There is also an indicator if a Tax Code is active or inactive.