In a large mixing bowl, using an electric mixer, cream together the softened butter and granulated sugar on medium speed until light and fluffy, about 2-3 minutes.

Beat in the egg, vanilla extract, and almond extract until well combined and smooth, scraping down the sides of the bowl as needed.

In a separate medium bowl, whisk together the all-purpose flour, baking powder, and salt.

Gradually add the dry ingredients to the wet ingredients, mixing on low speed until just combined. Be careful not to overmix.

Gently fold in the 1/2 cup of rainbow sprinkles with a rubber spatula until evenly distributed.

Preheat your oven to 375°F (190°C). Line two baking sheets with parchment paper.

Using a 1.5 to 2-tablespoon cookie scoop, drop rounded balls of dough onto the prepared baking sheets, spacing them about 2 inches apart.

Bake for 9-11 minutes, or until the edges are lightly golden and the centers are set but still look soft. Do not overbake for a chewy cookie.

Let the cookies cool on the baking sheets for 5 minutes before transferring them to a wire rack to cool completely.

While cookies are cooling, in a clean large mixing bowl, cream the softened butter with an electric mixer until smooth, about 1 minute.

Gradually add the sifted powdered sugar, alternating with milk or heavy cream, vanilla extract, almond extract, and a pinch of salt. Beat on low speed until combined, then increase to medium-high and beat until light and fluffy, about 2-3 minutes. Add more milk/cream if needed to reach desired consistency.

Once the cookies are completely cool, spread a generous amount of frosting on top of each cookie using a knife or offset spatula. Optionally, pipe the frosting for a fancier look.

Immediately sprinkle extra rainbow sprinkles over the frosting before it sets. Serve and enjoy!