You have several options for creating new tags and managing your existing tag taxonomy:
In Tags, under "Edit Tags"
To create and edit Tags under Tags:
First, go to the Tags icon on the left. Select the second Tab “Edit Tags.” There you will see a listing of existing tags with a "Create" button above. You can toggle between a Tree and Table view using the buttons above the tag list.
To add a new Tag or Tag Group click on the "Create" button and follow the steps. In Tree view you can create a new tag or group by hovering over a place in the hierarchy where you want that Tag to live and clicking on the plus icon that appears.
Tip: Nested tag groups are supported. You can specify a hierarchy of tag groups and nested tags within. Learn more about nested tags and tag groups.
