Bring the cream cheese and butter to room temperature.
In a mixing bowl, combine cream cheese and butter.
Beat on medium speed until smooth and creamy.
Gradually add powdered sugar, mixing on low speed.
Add vanilla extract and mix until fully combined.
If too thick, add milk to reach desired consistency.
Taste and adjust sweetness if necessary.
Scrape down the sides of the bowl for even mixing.
Use immediately or store in the refrigerator.
Before using refrigerated icing, stir well.