In a medium-size bowl whisk together the flour, baking powder, and nutmeg. Set aside until ready to use.
In a stand mixer with a paddle attachment cream the butter and the sugar together. Then add in the egg, vanilla and almond extract, and the nutmeg. Mix until combined.
Slowly add in the flour mixture and beat until combined. Scrape down the sides and mix for one minute. *Don't be afraid if the dough looks crumbly.
Place the dough on a lightly floured surface and knead until the dough comes together. Using a rolling pin roll the dough out into a rectangle that is about 1/4" thick. Then cut out any shape you want with the cookie cutters.
Place the cookies on a silicone mat lined baking sheet and bake for 10-15 minutes. Allow the cookies to cool for 10 minutes before moving them to a cooling rack. Let them cool completely before decorating.
In a small bowl mix together the confection sugar and the milk. Beat in the corn syrup and vanilla extract until smooth and glossy. If the mixture is a little too dry add a little milk until you reach your desired consistency.
Divide up the icing into different bowls if you are using different colors. Fill the piping bag with icing and get to decorating.
Don't want to eat all those cookies at once? You can freeze the unbaked cookie dough for up to one month. Just be sure to cut the dough into the shape you want before freezing it. Place in the freeze in a single layer in an air tight container.