In a large mixing bowl, beat the softened cream cheese and salted butter together until completely smooth using a hand mixer, about 2 minutes.
Add the sifted powdered sugar and pure vanilla extract. Beat on medium speed until creamy, smooth, and fully combined.
Adjust consistency as needed: beat longer for a thinner texture, add a splash of milk or cream to loosen, or refrigerate for 15-30 minutes to stiffen for piping.
Use immediately or transfer to an airtight container and refrigerate for up to 3 days. Let sit at room temperature and re-whip before frosting.
For long-term storage, freeze in a sealed container for up to 3 months. Thaw overnight in the fridge, bring to room temperature, and beat well.