In a large mixing bowl, add water, oil, sour cream, egg, vanilla extract, almond extract and mix until smooth.
In another mixing bowl, whisk together flour, sugar, baking powder.
Add this dry ingredient mixture to the wet mixture and mix until just combined. Do not over-mix. A few lumps in the batter are completely fine.
Fold in the rainbow jimmie sprinkles very gently with a spatula until evenly distributed.
Pour batter in cupcake liners.
Bake at 350 degrees F for 18-20 minutes or until an inserted toothpick in the center comes out clean.
Allow the cupcakes to cool completely to room temperature.
While the cupcakes are baking and cooling, prepare the frosting.
Fill a piping bag with buttercream and attach Wilton tip 1M (large star tip) and pipe a swirl on top of each cupcake.
Toss some sprinkles on top for decoration. Enjoy.