In a large bowl, beat butter and sugar at medium speed with an electric mixer until fluffy. Beat in eggs, vanilla and almond extract until combined.
In a medium bowl, combine flour, baking powder and salt. Gradually add to sugar mixture, beating until smooth. Wrap dough in heavy-duty plastic wrap, and refrigerate 1 hour.
Preheat oven to 350 degrees F. Line 2 baking sheets with parchment paper.
On a lightly floured surface, roll out dough to 1/4-inch thickness. Cut with assorted snowflake cookie cutters and place 2 inches apart on prepared baking sheets. Chill dough 15 minutes. Bake for 10 minutes, or until edges are very lightly browned. Let cool for 2 minutes on baking sheet. Remove from pans and cool completely on wire racks.
Paint cookies with Edible Paint Icing. Garnish with silver dragees, sugar pearls and sparkling sugar, if desired.
In a medium bowl, combine water and meringue powder; whisk until foamy. Whisk in confectioners' sugar until smooth. Add food coloring, if desired. Use immediately.
Yield: 1 1/2 cups