In a large microwave-safe bowl, combine the melted butter, granulated sugar, brown sugar, light corn syrup, and sweetened condensed milk. Stir well with a rubber spatula until fully combined.
Place the bowl in the microwave and heat on high for 3 minutes. Carefully remove the bowl and stir the mixture thoroughly, scraping down the sides to ensure even cooking.
Return the bowl to the microwave and heat for an additional 3-4 minutes. Keep an eye on it to prevent overflow. The mixture should be bubbling and have a lovely caramel color.
After removing the bowl from the microwave, stir in the vanilla extract quickly and thoroughly. The mixture will be extremely hot, so take care when handling it.
Line an 8x8-inch baking dish with wax paper or parchment paper. Pour the hot caramel mixture into the dish, spreading it evenly. Allow the caramels to cool completely at room temperature, which will take about 1-2 hours.
Once set, lift the caramels out of the dish using the edges of the paper. Cut them into squares or rectangles, depending on your preferred size.
In a microwave-safe bowl, melt your choice of chocolate (milk, dark, or both) in 30-second intervals, stirring in between until smooth. If desired, add vegetable shortening to achieve a smoother consistency.
Dip each caramel into the melted chocolate, ensuring it is fully coated. Use a fork to lift it out, letting the excess chocolate drip back into the bowl.
Before the chocolate sets, sprinkle your chosen toppings over the chocolate-covered caramels for added flair and flavor.
Place the dipped caramels onto a baking sheet lined with wax paper. Allow them to set at room temperature or refrigerate for quicker results.
