simple exlanation of how to use Taxopress

Somewhere along the line, I ended up with Taxopress plugin.I really think it was an update of something I was using earlier for tags but the upgrade left me behind! I do not understand what it does or how it is useful. I look at the website for the plugin and all the words may be in English, but might as well be Greek. Is there any tutorial or simplified version of what this plugin does for website and why it might be useful? Otherwise, I’ll keep limping along with my own list of tags and not try to get high-faluting!

The page I need help with: [log in to see the link]