Use electric mixer fit with paddle attachment to beat butter and cream cheese until lightened and fluffy, about 4-5 minutes.

Mix in egg, scraping down sides as needed. Then, mix in vanilla and almond extracts.

In a small bowl, whisk together flour, baking powder, and salt. Slowly mix flour mixture into butter until well combined.

Form dough into a large disc about 12 inches in diameter. Cover in plastic wrap and refrigerate for at least 1-2 hours.

Remove dough from refrigerator (if it has been longer than a few hours you may need to let it sit for 20 minutes to be able to roll it). Preheat oven to 350 degrees. Line baking sheets with parchment paper or a silicone baking mat.

Sprinkle flour on a working surface. Roll dough out on surface until is about 1/4 inch in thickness. Use cookie cutters to cut dough into desired shapes.

Place dough on prepared sheet and cook until set and cookies are a very light golden color, about 8-10 minutes.

Let cool on sheet for 5 minutes then transfer to cooling rack to finish cooling.

Let cookies cool completely before decorating.

Whisk together powdered sugar, corn syrup, vanilla and almond extracts. Add water, about 1 tablespoon at a time, until desired consistency is reached.

Divide icing into separate bowls so that you can use food coloring to color the icing in each bowl as desired. For this recipe I use 5-6 different colors.

Transfer icing to mini squeeze bottles. Decorate cookies as desired. If using more than one color on a cookie, let the first color harden for at least 1-2 hours before adding another color.

Let cookies sit for 12-24 hours so that the icing hardens completely before storing. When stacking cookies, use parchment paper between each cookie.