JPEG

For better photo quality, less compression the camera performs the original photograph. It gives more storage on the memory card as possible.

TIFF

These files are uncompressed, which offer the opportunity for extensive post-processing, and takes up a lot of space, both on your computer and memory card.

RAW

Best option when you want the highest-quality files from your camera. This requires many memory cards, and also considerable post-processing time. Extensive options in post-processing.

DNG

This file format is created by Adobe. Gives you the ability to use image-processing software such as Lightroom and Photoshop. Safest option for long-term, since it guards against the inability to open or access files in the future.

PNG

Ability to maintain transparency, which is important for graphics such as overlays and logos. Its quality is not good enough for printing at any size.

GIF

Small file size makes GIF files ideal for use on the web. Thee files can contain animation. The limited colors makes GIFs a poor choice for photos.

BMP

Used for printing images and gives high quality. Invented by Microsoft, for use on Windows platforms. These are large files, as color data saved in each individual pixel without any compression.

PSD

This file format gives by far greater flexibility and the ability to fine-tune an image, since layers can be added, removed, or edited.  Layered files can be incredibly large in size due to all additional dat that is being stored.