Basically it's a polynomial approximation to a function. The more terms it has the more accurate it is.
http://en.wikipedia.org/wiki/Taylor_expansionWikipedia has a nice gif of a taylor expansion centred at 0.
If you centre your series at x = 0 then it will be most accurate at x = 0, and as it departs from that point it will start to diverge. Likewise, if you centre at

, it will be very accurate there, but will diverge as you go out.
If you have a taylor series with an infinite number of terms, it doesn't matter where you centre it, since it will be exactly equal to the function within a reasonable domain. However if you want the infinite term expansion then its best to centre it at x = 0 otherwise you will be expanding an infinite number of brackets of the form
^n)