Yes, you can prepare and bake the cupcakes and prepare the frosting 1 day ahead. Keep cupcakes covered air-tight at room temperature and the frosting covered sir-tight in the refrigerator. Frost the cupcakes when you are ready. You can also freeze unfrosted baked cupcakes for up to 2 months. Make sure to cover them completely air-tight. Thaw overnight in the refrigerator and then, bring to room temperature on the counter before frosting.