RAW – RAW files contains basic data that has not been processed from the image sensor. This means they contain the full resolution from each of the camera’s image sensor pixels. This then allows the user to carry out a stage of processing on the computer accessing extra adjustments. This is an advantage as it gives better control over lens correction, white balance, brightness, contrast etc.
TIFF – (Tag Image File Format) is a format used to exchange bitmap images between application programs. TIFF files can be saved in a variety of color formats and in various forms of compression. TIFFs use lossless compression to maintain image integrity and clarity and are often used by professionals.
PSD – is the format used by Adobe Photoshop which creates a layered image. This allows the user to adjust these layers even after it has been saved. Then once finished the file can be saved as multiple different formats. However once the file has been saved in a different format you are not able to adjust the individual layers.
JPEG – This contains a code which defines how an image is compressed into bytes and decompressed back into an image. This means there is limited adjustment. Due to the compression this file is good for use with contact sheets however is not ideal for printing.