Preheat oven to 325°F.

Line a 12 cup muffin tin with paper liners.

In a mixer, fitted with the paddle attachment, beat the butter and sugar until light and fluffy.

Add eggs, one at a time, mixing well after each addition.

Add vanilla and almond extracts.

Sift together flour, baking powder and baking soda into a small bowl. With mixer on low speed, add flour mixture and buttermilk to the butter mixture - Add slowly, a little at a time, alternating buttermilk and flour, ending with the flour.

Fill each cup 3/4 full with batter.

Place in preheated oven. Bake for about 20 to 25 minutes, or until the center of the cupcakes spring back when touched.

Remove from oven and allow to cool completely before frosting.

Prepare frosting according to the recipe below.

Frost each cupcake.

Place rainbow sprinkles on a plate. Roll the top of the cupcake in them.