Preheat oven to 350° and line a muffin tin with cupcake liners.
Combine flour, baking soda, baking powder, and salt together in a bowl and set aside.
In a separate bowl, cream the butter and sugar together. Then, add the milk, applesauce, almond extract, and vanilla to that same bowl and whisk to combine.
Use an electric or stand mixer to combine the wet and dry ingredients, being careful not to over-mix. Then, distribute the batter evenly amongst the cupcake tin (you'll need to do this in batches or use two muffin tins).
Bake cupcakes for 20-23 minutes, or until a toothpick comes out clean. Leave the cupcakes in the tin for 10 minutes, then carefully remove them and transfer them to a cooling rack. Wait for the cupcakes to completely cool before icing them.
For the icing: use an electric mixer to stir the mascarpone and honey together, then add in the powdered sugar and stir until smooth. If the icing is too thick, add 1 tablespoon milk to thin it out. Ice the cupcakes, then top them with sliced almonds and a drizzle of honey (optional). Enjoy!