The Owls have endured a dismal run with Saturday's 3-2 home reverse against fellow strugglers Bristol City a seventh consecutive Championship defeat.
Dave Jones' men have now slipped five points adrift of the Robins in safety with Ipswich a further five points clear in 20th position.
Up next for Wednesday is a huge game against Barnsley, currently in 22nd five points clear of the Owls, and Taylor is more than aware of what is at stake.
"Of course this is a big game, it's a local derby," Taylor told the club's official website.
"We always take each game as it comes and prepare in the right manner but there is no hiding away from how big this game is.
"We're motivated for every match but derbies always have that little bit extra about them. We are all looking forward to the game and the pressures that come with it.
"We've got four matches between now and the end of the year, which we feel are all winnable games, starting with Barnsley on Saturday."