How to decrease size of KVM virtual machine disk image

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http://serverfault.com – How do you decrease or shrink the size of a KVM virtual machine disk? I allocated a virtual disk of 500GB (stored at /var/lib/libvirt/images/vm1.img), and I'm finding that overkill, so now I'd like to free up some of that space for use with other virtual machines. There seems to be a lot answers on how to increase image storage, but not decrease it. I found the virt-resize tool, but it only seems to work with raw disk partitions, not disk images. (HowTos)