In a large bowl or the bowl of a stand mixer, beat 1/2 cup (1 stick) unsalted butter and 1/4 cup cream cheese on medium speed with a hand mixer until smooth.
Next, add 1 cup granulated sugar and mix on a medium-high speed for a couple of minutes, until the mixture becomes lighter in color.
Add in 1 egg yolk, 1 tsp vanilla bean paste or vanilla extract, and 1 tsp almond extract (optional). Mix on a medium speed until incorporated. Scrape the sides and bottom of the bowl with a rubber spatula as needed.
Then, add 2 cups flour, 2 tsp cornstarch, 1/2 tsp fine salt, and 1/4 tsp baking powder to the butter mixture and mix at a low speed until it is JUST incorporated. Scrape the sides and bottom of the bowl with a rubber spatula to make sure everything is properly mixed together.
At this point, the dough should still be pretty sticky. Divide the dough into three equal-sized portions. Scoop one-third of the dough into a separate bowl and use green gel food coloring to color it green. Color the remaining two-thirds of the dough orange with gel food coloring. Wrap each color of dough in a piece of plastic wrap. I like to flatten the dough out into a rectangle that's about 1/3 inch thick to make it easier to scoop from later.
Chill the dough in the fridge for about 30 minutes, in the freezer for 10 minutes, or in the fridge overnight.
Preheat the oven to 350 F / 175 C for about 30 minutes before you plan to start shaping the cookies, and line two large baking sheets with silicone baking mats or parchment paper. Set aside.
Unwrap each portion of cookie dough so that it's sitting on top of the plastic wrap. Use a 1/2 tsp measure to scoop the orange dough, then use your hands to roll the dough into the shape of a carrot (mine were just shy of 1 inch long). Then, add some lines to the sides of the carrot with a small offset spatula or knife to give it a little more dimension.
Then use a 1/4 tsp measure to scoop the green dough, then use a small knife to score the dough and make it look like a carrot top. Carefully place the carrot on top of the green dough, and gently press it down so that they stick together. Place the carrot cookies about 1 inch apart on the prepared baking sheets (they don't spread much) and repeat with the remaining dough.
Chill the cookies (pan and all) one more time in the fridge for 15 minutes or the freezer for 5 minutes to help them keep their shape as they bake.
Bake one sheet of cookies at a time. Bake for 9-10 minutes on the middle rack of your oven. Rotate the pan halfway through to help them bake more evenly. Keep a close eye on the cookies and be sure to pull them out before the edges start to brown. I like to poke one of the cookies to test for doneness. The outside should be slightly firm, like it has a soft crust. It's ok if it's still a little bit soft, but it should not be soft like dough, and you shouldn't leave a big fingerprint. When in doubt, err on the side of undercooking! The cookies will continue to firm up on the pan as they cool.
Let the baked cookies cool fully on the pan, then enjoy!