Cream together butter and cream cheese until light and fluffy, about 3-4 minutes. Gradually add sugar, egg, almond extract, and vanilla extract, mixing until fully incorporated. Fold in flour, cornstarch, salt, and baking powder until just combined.

Split the dough into two portions, wrap in plastic wrap, and chill for at least 2 hours or freeze for 30 minutes.

Preheat oven to 350°F (175°C) and line baking sheets with parchment paper.

Roll out the chilled dough to about 1/3 inch thick and cut out shapes with a heart cookie cutter.

Transfer cut-outs to a parchment-lined baking sheet and chill for 15 minutes.

Bake for about 10 minutes until edges are set, then cool completely on wire racks.

Combine powdered sugar, meringue powder, and water to make royal icing, whipping until stiff peaks form.

Divide the icing into bowls and add gel food coloring to achieve desired shades.

Decorate cooled cookies with royal icing using piping bags and let dry completely before adding phrases with edible markers.