Preheat the oven to 350 degrees.

Line 2 muffin tins with 18 cupcake liners and set aside.

In a medium bowl combine the flour, baking powder, salt, cinnamon, and nutmeg. Mix well and set aside.

In a large bowl mix together the butter and sugar until well combined.

Add in the eggs and stir well.

Stir in the eggnog flavor, vanilla, and rum and mix well.

Add half of the flour mixture to the butter mixture and mix well. Add in the milk and stir until combined. Add in the remaining flour and mix until just combined.

Pour batter into the prepared muffin cups, filling each one about 2/3 of the way full.

Bake for 20-25 minutes or until a toothpick inserted into the center comes out clean.

Cool completely on a wire rack.

To make the frosting but the butter in a large bowl and mix with a mixer on medium speed until creamy. Add in the cinnamon, nutmeg, eggnog flavoring, and rum and mix well.

Add the powdered sugar in a half cup at a time, mixing well after each addition, until the frosting is the desired consistency.

Pipe the frosting onto the cupcakes.

Dust with cinnamon, sanding sugar, and gold sprinkles if desired.