Here's how you can delete old software updates in iTunes. This might free up significant amounts of disk space on your Mac.
1. Open the Finder and press the Option key.
2. Select the Go menu and then click on Library.
3. Go to the iTunes folder.
4. Try to find the following folders:
iPod Software Updates
iPad Software Updates
iPhone Software Updates
5. Move any file that ends in restore.ipsw file into the trash, then empty your trash.
I used this tip on one of my Macs and found that the old software update files were taking up more than 3GB of space. Wow, talk about a waste of disk space!
iTunes has a habit of spawning copies of firmware files for your iOS devices, which is helpful in the moment if you have to do a restore of your device. But once you've updated to the latest revision, having backups of previous firm updates is unnecessary, since the file is useless — Apple's firmware updates are "signed" with the servers to make sure that you can't downgrade your device.
The net result is that you may have gigabytes of wasted space on your hard drive for firmware files you'll never be able to use again.More at iMore
Additional resources for iTunes
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