Using a food processor, add the cream cheese, butter, and powdered sugar. Mix until everything is combined and a ball of dough is formed. Add in the extract and process for another minute.
Drop a few drops of food coloring onto the dough and fold it in. Knead the dough until the coloring is fully incorporated. If you choose to do a few colors, separate the dough and then add coloring to each ball of dough.
Taking teaspoon amounts of dough, or smaller if you would like, roll the dough into a ball and place onto a sheet of wax paper. Use a fork to place some decorative lines across the top, sprinkle with powdered sugar and allow the mints to set for a few hours to harden up.
Store in the refrigerator or freezer for up to 2 months, if they last that long!