Is there a way to rename a tag?

We would like to change the name of a tag since a couple of them are very similar to each other and confusing to new employees. Is there an easy way to do this?

If you go into CRM->Settings and click on tags, the list will allow you to edit the name, category and description. This will not affect any functionality since the system only requires the id of the tag to be the same and you can only change that by deleting and recreating the tag. So in short, editing the details can easily be done without causing any problems.