JPEG - compressed small files, takes less room, quick to copy and easy to email and open on any computer. They also have lossy format lose quality digital noise.
TIFF - Lossless, dont lose quality, Big files.
PSD - Create + save layers, only opened in PS large
RAW - Work on base image without loss of quality more information - uncompressed. Only open with certain programmes. Large file size, slow to shoot + save.
PNG - Saves transparency.
