I know for the formal definition you have to let $\varepsilon>0$ and there has to exist some $N$ such that $$\exists N \text{ s.t. } n \geq N,$$ and that $$|a_n - L| < \varepsilon$$
What exactly is a tail of a sequence and what does "there has to exist some $N$ such that $n\ge N$" mean? After reading my textbook and many other online resources I have no answer.
The definition does not say there exists $N$ such that $n\ge N$ and $|a_n-L|<\varepsilon.$
It says there exists $N$ such that for every $n\ge N,$ we have $|a_n-L|<\varepsilon.$
Say you want to make the terms of the sequence differ from $L$ by less than $0.000001.$
That means you're setting $\varepsilon= 0.000001.$
Maybe the first billion terms of the sequence are not that close to $L,$ or not all of them, but after the billionth term, every term of the sequence does come at least that close to $L.$
That means $N=(\text{1 billion} + 1)$ is big enough.
Every term after the billionth term means every term $a_n$ for which $n\ge (\text{1 billion} + 1),$ i.e. $n\ge N.$
The sequence of terms after the billionth term is a "tail" of the sequence.