Myc tag is an epitope tag which was obtained from c-myc gene. There are several advantages using this genomic tag. It is a stretch of a short polypeptide, so it is smaller than other large epitope tags or fluorescence tags. If you are working with a new protein, and an antibody against your protein of interest is not made yet, you can easily use a myc tag and use an anti-myc antibody for immunoblot, protein purification, pull-down assay, co-immunoprecipitation, immunofluorescence etc.
The tag can be ligated either in N-terminal or C-terminal. Always use a short linker for your protein of interest (mostly included with the plasmid). You can use multiple tandem myc tag for better antibody binding.