The Latics opened the scoring when Neal Eardley charged down the right and crossed for Dean Smalley to bundle in.
Oldham doubled their lead as Lee Hughes glanced home from Kevin Maher cross but Neil Harris got one back from the spot after Eardley felled Dave Martin.
Ashley Grimes curled a leveller but the highly-rated Taylor, 22, headed in Maher's cross to win it in dramatic fashion.
Sheridan said: "He's an excellent player and was outstanding. He's still got a lot to learn and I'm trying to help him do that. I want him to stay at Oldham but he's a player I definitely think could play at a higher level. We could have sold him in January but obviously we don't want to.
"At 2-0 at half-time I thought we had control of the game but we took our foot off the gas, we got a bit sloppy and it got the crowd going. But it's a very hard place to come to and to get three points is the most important thing and I thought we deserved it."