In a medium-sized bowl, whisk together the flour, baking powder, baking soda, and salt, then set aside.
In a large bowl, add the butter and sugar. Beat with an electric mixture until fluffy, then mix in the eggs and vanilla extract until fully combined.
Add half the flour mixture to the butter mixture, then beat until the flour is fully incorporated, and add in the rest of the flour. Mix the milk into the batter, then stir in the sprinkles.
Spoon the batter into the cupcake liners until they are 3/4 of the way full, then bake for 15 minutes, until the tops are browned and a toothpick inserted into the center of the cupcake comes out clean. Remove from oven and let cool.
To make the frosting: Beat the cream cheese, butter, and vanilla on high until a creamy consistency is achieved, then add the powdered sugar to the cream cheese mixture, then beat to combine.
Frost the cupcakes, top with sprinkles, and serve!
For dairy-free: substitute coconut oil for butter and almond milk for the cow’s milk in the cupcakes.
For refined sugar-free vanilla cupcakes: substitute coconut sugar in the cake, omit the sprinkles, and follow this recipe for a dairy and refined sugar-free frosting.
This recipe can easily be doubled or tripled to make more cupcakes!