Taps are tools are used in a process to create screw threads. They may also be used to form a nut for a bolt. We call this process tapping. (Note: A similar tool, dies, are used to form bolts in a process called threading. Make sure not to confuse the two of them!)
There are various types of taps that we use ranging from plug taps, taper tap, or power taps. They can be used in machines such as the CNC Mill or the Lathe. Just like drill bits, they are an essential to machining parts.