While the cake cools, prepare the frosting.
In a mixing bowl, beat the softened cream cheese and softened butter together until smooth, creamy, and lump free. You can use a handheld mixer or a stiff whisk.
Gradually add the powdered sugar, about 1/2 cup at a time, beating well after each addition. Continue until the frosting is thick, smooth, and spreadable. Beat in the vanilla or almond extract if using.
If the frosting feels too thick, add a teaspoon of milk at a time. If it feels too thin, add a spoonful of powdered sugar.