Prepare the Dough:
In a large mixing bowl, combine the room temperature butter, cream cheese, and granulated sugar. Using a hand mixer on medium speed, beat the mixture until it becomes light and fluffy, about 5 minutes. Scrape down the sides and bottom of the bowl as needed.
Add the egg, almond extract, and vanilla extract to the butter mixture. Beat until fully combined.
In a separate bowl, whisk together the flour, baking powder, and salt until well incorporated.
Gradually add the dry ingredients to the wet ingredients, about ½ cup at a time, beating each addition just until combined. Be sure to scrape down the sides of the bowl before adding the next ½ cup of flour.
Divide the dough into two equal pieces and shape each piece into a disk. Wrap the disks in plastic wrap and refrigerate overnight.
Bake the Cookies:
Preheat your oven to 375°F (190°C). Line two baking sheets with parchment paper.
Place one of the dough disks on a lightly floured surface and allow it to warm up for about 5 minutes before rolling it out.
Roll the dough to a thickness of ½ inch. Use a cookie cutter to cut out shapes, then transfer the cookies to the prepared baking sheets, spacing them about 2 inches apart.
Bake the cookies in the preheated oven for 8 to 10 minutes, or just until the edges are set and the cookies are puffed.
Allow the cookies to cool completely on the baking sheets before decorating.
Prepare the Icing:
To make easy icing from store-bought canned frosting, remove the foil seal, microwave for 30 seconds, and stir. Continue microwaving in 15-second increments, stirring after each increment, until the frosting is pourable.
Allow the icing to cool slightly before using it to frost the cookies. For piping a line around the cookie, leave the icing slightly thick so it pours from the spoon in steady plops. For an icing loose enough to flood the cookie, heat the icing until it is even and pourable.