I am a little confused with the Taylor Series at the moment, so please forgive me for my very basic questions. If we were to approximate a function, say $cos(x)$, I let $f(x)=cos(x)$
And I have been shown that $f(x)≈f(x_0)+f'(x_0)(x-x_0)$
Just so I understand, when we say we are approximating it, are we simply saying that we can find the original function's $y$ value when given a specific $x$ value by using another, easier polynomial function that we substitute that same $x$ value into?
Anyway we found that $P_2(x)=-\frac{1}{2}x^2+1$ is an approximation of $cos(x)$. This didn't make much sense though as in the first step, we substituted zero in as $x$, and found $cos(0)=1$ But if this was another number, we would have to find the cosine of that number which defeats the whole purpose? Any help would be appreciated

The idea is that you can control the error. Indeed, we have $\cos x \approx 1 - \frac{x^2}{2}$, if $x$ is close to zero. For instance, if I want to know $\cos 0.1$, may be reasonable that $$\cos 0.1 \approx 1 - \frac{0.1^2}{2} = 1 - 0.005 = 0.995$$
We can use Lagrange's formula for the remainder, to estimate how much we're missing. If $$\sum_{k = 0}^{n} \frac{f^{(k)}(x_0)}{k!} (x - x_0)^k $$
is the Taylor expansion of order $n$ of f, around $x_0$, then the error can be estimated by $$\frac{f^{(k+1)}(c)}{(k+1)!} (x - x_0)^{k+1}$$
for some $c$ between $x$ and $x_0$. Ok?