Cream the softened unsalted butter (1 cup, i.e. 2 sticks) and powdered sugar (1 ½ cups) together with an electric mixer. Once mixed, add the egg (1 large), vanilla extract (1 teaspoon), almond extract (½ teaspoon), and baking soda (1 teaspoon) and continue to stir on medium speed. Once incorporated, turn the mixer down to low speed and add the all-purpose flour in 1 cup portions (2 ½ cups total). When the flour disappears, turn off the mixer and transfer the dough onto a floured surface. Knead the dough until it forms a solid ball. If the dough is sticky, add additional flour while kneading (do not be afraid to add ¼-1/2 cup more flour while kneading if sticky).
Split into 5 equal sized balls (or as many colors as you want to make).
Place first ball back into the mixer mix in yellow food coloring until incorporated. Remove from bowl and repeat for all colors. I recommend going in this order so that you don't have to wash the bowl between mixes (I do recommend wiping down with paper towel between colors): Yellow, Orange, Red, Pink, Purple, Blue
Next, on a floured surface, use a rolling pin to separately roll each color dough out to ⅜ to ½ inch thickness. The thinner you go, the faster they will bake & the crispier they will be. I like them to be thick and soft, so I keep them around ⅜ inch thick and use a 2 ½ inch circle cookie cutter or wine glass rim to cut them out.
As you are cutting them out, transfer them to a parchment paper covered cookie sheet, leaving about 1 inches between them (to allow them to spread). Cover and refrigerate CUT cookies on sheet for 30 minutes (I highly recommend this refrigeration step so that your sprinkles don't spread as much.
Bake at 350℉ for 6-7 minutes or until they no longer look moist. Do not worry if they look underbaked, as they will continue to bake on the hot cookie sheet after it comes out of the oven.
Cool and dip into cream cheese dip or your favorite white frosting!
To make the frosting: Place the cream cheese (8 ounces) in a stand mixer and mix on high speed for 1-2 minutes until smooth and creamy. Turn to medium speed and add in powdered sugar (¾ cup) and mix until combined. Keep the mixer on medium speed and add in milk (¼ cup), marshmallow cream (½ cup), and vanilla extract (1 teaspoon). Beat for 1-2 minutes until smooth and creamy.