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If you're using Windows 8, select "Desktop" from the Start menu or press ⊞ Win+D first to open the desktop view. You'll find this in the "Taskbar" tab. You'll see the taskbar disappear. You can click "OK" to close the menu, or adjust further settings. Move your cursor to the bottom of the screen and the taskbar will pop back up. It will hide again when you move your mouse off it.
Right-click the taskbar and select "Properties." Check the "Auto-hide the taskbar" box. Click "Apply." Reveal the taskbar with your mouse cursor.