Blend cream cheese and butter together until smooth.

Melt the cream cheese and butter in a medium saucepan over low heat, stirring constantly.

Gradually stir in the powdered sugar until fully incorporated, then add peppermint extract.

If using food coloring, divide mixture and stir in color, refrigerate if too soft.

Dust hands with powdered sugar and roll mixture into 1-inch balls, then press flat.

Arrange mints on a baking sheet and let stand uncovered for 4 hours until firm.