[ (IIRC, the stance of most denominations puts religious figures such as Gotama Buddha and Avalokiteśvara in a role loosely equivalent to Catholic saints, but with the guiding principle behind their actions being the ideals of enlightenment and tranquility rather than a personified deity),
There are many branches of Buddhism, and its root from Brahmanism (Vedism). The idea of Brahma being one and the same with the universe and its avatars represents every entities in the world, and Buddha breaks (yes breaks not broke Buddha still teaches us, it never dies, it's always happening) it. Along with Jainism, it believes that everyone is ones own Brahma, and with the idea of cycle of life (Samsara) and souls travels from one life to another, Jainism believes everyone all eventually becomes Brahma(s?), and the world was not create by anything at all, it just happens, and karma drives the actions and reactions and forming the world, explained why where are difference castes, simply someone's soul travel the worlds longer than others. In Vedism there is one and only one Brahma who create the world, very much like monotheism except it doesn't manifest it's true true form, since it's true form is universe itself, so becomes one with the universe is the top priority, and this view effects its offshoots modern Hinduism.
But Buddha goes even further, (break the illusions as it is called), it comes later than Jainism, and tells the story that even the soul is a result of karma, and from the first karma comes out of no where (like a big bang), the accumulations of karma creates the world, and also those in the universe, and since there existed only karma (like matters and energy are the same, so the very first energy from the big bang creates all the thing around us, but in the end they are all just energy), there is no actual soul, actual you. And the purpose of becoming Buddha (a concept I think borrowed from Jainism) is to understand this false illusions, so only enlightenment remains. But what's after that is unspeakable, indescribably, only those who being there knows. But everyone else who has not reach that enlightenment will need to stay in the cycle of life, because 'your' karma, since you didn't realize there is no 'you'. Sounds puzzling? They are, and they meant to be like that, all we are all Buddha now, or aren't we already? Just didn't realized it yet. And Deities? God? Superman? they are all real, or not real, as superpower being who stuck in the universe just like humans, (maybe in a different plain field), and Buddha is beyond all that, or doesn't exist in the first place at all. (More word games, and they will make your head hurt). It's called a philosophy of Buddhism, big difference with what is practiced between common peoples. And the most easy way is to find a good teacher/master and hopefully he travels the path of enlightenment far enough and can group everyone together and achieve enlightenment (go to heaven! ya! Cheaters!)
Taoism seems to be more concerned with the guiding principles behind the cosmos and the meaning of life (combined with a secondary theme of how to live effectively yet without being a controlling douchebag) than with any deity that may have established or been established by this principle or with mortal or formerly mortal religious figures (to the point where the name of Taoism's most famous and influential religious philosopher has actually been lost to history (he is now known only by the honorific Lao Tzu ("the old master"))).
The Tao in Taoism, is 道, the way, the path towards everything, you need to travel the way. The right way, the wrong way, or just simply choose what ever ways in front of you, or don't choose a way is a way. Doing nothing and simply rest (perfects! dwarfs will love it). And since its about searching, the practices are very importance, and solution are often very practical (and dwarfy!) If you want to win the next lottery, take that ticket and wishes very hard in front of the deity who controls money. And through varies simple activities, like draw straws, dropping a pair of woodcrafts (擲筊), or burning fake money to bribe the deity (I'm NOT kidding!), you will be granted your wishes, and good luck. I know I know there are some not so dwarfy practices, but for kids and outsiders, they are sometimes just too amusement to help it. And if your wishes didn't come true. It's OK, FAIL is FUN!!! Try it again, you must not paying attention enough, or not giving enough fake bribes, or the luck is there but you just didn't find it, or ... , OK, it's all part of the way. Most important thing is to have
FUN, no faith.
We should promote Taoism in DF!