(Quoted from Graphics Pro. Full article here.)
Because there are so many file formats to choose from, saving an image can sometimes be confusing. By default, there is a list of 22 formats in Photoshop’s Save As menu. With all of these choices, it’s a good idea to know what the specific characteristics of the most common file formats are so that you can choose the best one.
The format in which you save your image depends on how the image will be published. The format can also affect the color. If you have assigned a color profile to the image, be sure that the Embed Color Profile box is checked when you save the image.
Click here to read the full article