Taxes need to be set up by breaking out each individual tax. This way, your taxes can be reported correctly. Additionally, many areas only require the collection of certain tax on short-term rentals. When a reservation exceeds the taxing authorities definition of a short-term rental, it becomes a long-term rental and certain taxes are either reduced or no longer have to be collected. See below for an illustration.
Settings > Inventory > Deposit / Fees / Services / Taxes

Click on the Taxes Tab

1. Click the ADD Tax button (if no taxes are currently setup)
or
2. Click the "+" icon to Add a New Tax if there are existing taxes already present.

Name the tax
Assign a value
Choose percent or fixed
If conditional, then choose the rate of the tax, after X of nights. For example, for many areas, when a stay exceeds 30 days the tax is no longer collected.
Important! Choose the type of tax as this will be used in reporting, quickbooks, etc.
SAVE
Add the Tax to Properties

Select the tax
Add to ALL properties or
Add to individual properties
The arrow shows how the table can be manipulated to show which properties the tax is assigned to (or not assigned).