The five most common image formats are: JPG, PNG, GIF, TIFF and BMP. Each has their advantages and shortcomings and knowing which format to use and when can be helpful. Is it for web or print? Is there text? Is it black and white? Is it a logo?
Each format has its trade-offs and this fantastic overview by makeawebsitehub.com provides a great summary of each image format and what situation it works best for. Check out the infographic below!