JPEG:
JPEG is a “joint photogenic experts group” and is the best known image file format, JPEGs compress images but take up a lot less space.
HEIF:
HEIFs are “high efficiency image formats” and are the newest format of images. They are not as universal as JPEGs but take up less space but look just as good.
TIFF:
TIFF or “tagged image file formats” are a commonly used image file type. They are uncompressed so they have really high quality, but they take up a lot of space.
RAW:
Most cameras use RAWs to shoot, RAWs take up a lot of space because they are very high quality which makes them the best choice for most professional photographers.
PNG:
PNGs are relatively small files with decent quality and are shown on browsers which makes it easy for internet use, they also allow for transparent backgrounds which makes it very easy to do overlays.
GIF:
GIFs are also really good for the internet like PNGs because they are small but still have solid quality, GIFs also have the ability to have animation, but they can only have 256 colors so they are not the best for photos.
PSD:
PSDs are used by photoshop and they allow you to easily edit the photos by having different layers to the photo that are easily saved because different layers can be added or deleted without changing the original picture. Once a PSD is merged into one layer it can’t be undone.