JPEG – JPEG files are compressed quickly in the camera and They are set up to store as many images on the memory card as possible. These files tend to be small.
TIFF – These file formats are usually uncompressed, and offer the opportunity for extensive post-processing. Since this file format is uncompressed, the size of the file will be much larger and there for meaning that they will take up more space.
RAW – Raw files are compressed using a process that retains all of the information originally captured. This option is preferred by professional photographers.
DNG (Digital Negative) – This file format is an attempt to create a standard raw file format across all manufacturers and cameras. This gives you the ability to use image processing software such as Lightroom and Photoshop.
PNG – PNGs are compressed in a lossless format, and so retain all the digital detail. PNGs give you the ability to maintain transparency, which is ideal for things like overlays or logos.
GIF – Like PNGs they also offer the ability to maintain transparency. GIF files can only contain a maximum of 256 colors, and therefore are not the best choice for photos, but rather images with a limited color palette.
BMP – BMPs are large file sizes as color data is saved in each individual pixel in the image without any compression. As a result this provides a high quality digital file, which is great for use in print, but not ideal for web usage.
PSD – PSD files are that it allows for manipulation on specific individual layers, rather than on the main image itself. PSD gives you the ability to manipulate the image extensively on separate layers.