Compressing Project Icons

I've got a really small app (30-50kb) and I'd like to keep it close to that if possible and be able to give the project an icon. I use coolutils online image converter to get my icon from a jpg but when I do that its ~504kb. Visual Studio shrinks it down some in the compiled version, but I'm still left with an app >100kb sometimes even >200kb+. Having the icon set for each form in the application doubles it by the size of the icon x times I have it in the application too. Since I can't seem to have Visual Studio embed the icon as a resource for both the app icon as well as the icon for the app's forms shrinking the icon greatly is what I'm looking for. What's best to use to shrink the icon if it can be compressed? I'm looking mainly for free solution but if its a commerical product what well get me the biggest bang for the buck? Thanks in advance.

Nevermind, found a solution: IcoFX Portable

Never heard of it before til now and wasnt finding anything under search results. A little confusing at first but the produced ico was only 60kb versus the 504kb ico I was getting from coolutils. Well thanks for starring.