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Place 8 ounces of cream cheese, 8 ounces of butter, and 1/2 teaspoon of vanilla extract in a large mixing bowl. If you have a stand mixer, set the bowl in the mixer with a beater attachment or you can just use a handheld mixer. Beat the ingredients on medium speed until they're completely combined and smooth. Be sure to scrape down the sides of the bowl with a rubber spatula. If your ingredients aren't soft or at room temperature, the frosting will have lumps. You'll know your cream cheese and butter are soft enough if you press them and you can see an imprint of your finger. Turn the mixer down to low speed and gradually sprinkle in 2 cups of powdered sugar. Keep the mixer going until all the sugar is added and combined with the butter/cream cheese mixture. Your cream cheese frosting should be light, fluffy and ready to use.  Powdered sugar is also called confectioners' sugar. It's important to sift it before you add it to the butter to prevent lumps from forming. If you want a firmer frosting, you can add extra powdered sugar, beating in about 1/4 cup at a time. Once your cupcakes are completely cool, cover them with your cream cheese frosting. Use a small offset spatula or a spoon to dollop the frosting onto each cupcake. Spread the frosting around the top of each cupcake so that it's evenly covered. If you frost the cupcakes while they're still warm, the frosting will slide off the cupcake or melt into the cupcake. This is why it's important to let them cool first. You can serve the frosted cupcakes immediately or garnish them before serving. Consider sprinkling them with red sprinkles or a dusting of cocoa powder. If you plan on storing the cupcakes to serve later, store them in an airtight container and refrigerate them for up to one day. If you know you won't be serving these the same day, it's best to make the cupcakes and frosting without topping them. Refrigerate the cupcakes and frosting separately. Then you can take them out and frost them an hour or two before serving.
Beat the cream cheese, butter, and vanilla. Beat in the powdered sugar. Frost the cupcakes. Serve or store the cupcakes.