Beat margarine and sugar together in a large bowl using an electric mixer until creamy. Stir in egg substitute and vanilla extract. Add flour, cream cheese, and baking powder slowly. Mix into a dough, using your hands if necessary. Form dough into a long loaf and wrap in cellophane. Refrigerate until firm, at least 2 hours.
Preheat the oven to 350 degrees F (175 degrees C). Grease baking sheets or line with aluminum foil.
Roll dough out onto a lightly floured surface to 1/4-inch thickness. Cut into desired shapes with cookie cutters. Place about 1 inch apart on the baking sheets.
Bake in the preheated oven until bottoms and edges just start to get light brown, 12 to 14 minutes. Remove cookies from baking sheets and cool on wire racks. Store in an airtight container.
Stir confectioners’ sugar and soy milk together in a bowl until smooth. Beat in corn syrup and almond extract until icing is smooth and glossy, adding more corn syrup if too thick. Add food coloring to desired intensity. Dip cookies into the icing; let dry, 8 hours to overnight.
Each batch of icing is enough to easily coat 24 cookies, so you might need to make a little extra. We made 4 batches, 1 for each color.
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