Prepare a baking sheet by lining it with parchment paper. Set aside.
In a medium saucepan, combine granulated sugar, light corn syrup, water, and salt. Stir the mixture over medium heat until the sugar is dissolved.
Attach a candy thermometer to the saucepan and allow the mixture to boil without stirring until it reaches the soft-ball stage (around 240°F or 115°C).
Once reached, remove the saucepan from the heat and carefully stir in the butter and flavoring extract. If using food coloring, add it now and stir to combine.
Pour the hot mixture onto the prepared baking sheet. Allow it to cool for a few minutes until it’s comfortable to handle.
Once the taffy is cool enough, butter your hands and start pulling the taffy. Stretch it out and fold it over itself repeatedly for about 10-15 minutes, or until it becomes light in color and firm in texture.
Once the taffy reaches the desired texture, shape it into a log and cut it into small pieces using scissors.
Wrap each piece in wax paper or parchment paper to keep them from sticking. Allow the taffy to cool completely before serving.