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

Cream together the softened butter and white sugar until light and fluffy. Add the eggs, vanilla extract, almond extract, and orange zest, blending until smooth.

Gradually add the flour, stirring until a soft dough forms. If sticky, add a tablespoon of milk to achieve the desired consistency.

Roll out the dough to a thickness of about ¼ inch and cut into festive shapes with cookie cutters. Place on prepared baking sheets.

Chill the cut cookies in the refrigerator for 10 to 15 minutes before baking.

Bake for 10 to 12 minutes, or until edges are lightly golden. Allow to cool on sheets for 5 minutes before transferring to a wire rack.

Whisk meringue powder, lemon juice, and water together in a bowl. Gradually sift in powdered sugar, mixing until glossy and smooth.

Divide the icing, add gel food coloring, and decorate cookies with icing and festive sprinkles. Allow to set for 30 minutes.