Begin by preheating oven to 350°F (175°C), and place cupcake liners in muffin pan.
Add flour, sugar, baking powder, and salt to a large bowl, and gently combine with a large spoon.
Next, add water, vanilla extract, almond extract, yogurt, and vegetable oil into the dry ingredients. Mix until the batter comes together and is smooth.
Add sour cream and gently stir until just combined. Gently fold in the rainbow sprinkles.
Fill the cupcake liners about 3/4 way full. Bake for 15-20 minutes, or until a toothpick comes out clean.
Allow the cupcakes to cool for 5 minutes before moving them to a cooling rack to finish cooling. If you want to accelerate the cooling process, pop the pans into your freezer for about 30 minutes.
Ice the cupcakes and garnish with sprinkles.