In a large bowl, whisk together the flour, baking powder, and salt. Set aside.
In another large bowl, use an electric mixer to combine the butter and cream cheese for 2 minutes on high speed until creamy and smooth.
Add in the sugar and beat until well incorporated. Beat in the egg, vanilla extract, and almond extract on high.
Slowly incorporate the dry ingredients into the bowl and mix on low speed, until combined. The dough will be thick in consistency.
Wrap the dough tightly in foil or plastic wrap and refrigerate for a minimum of an hour and a maximum of three days.
Preheat the oven to 350 degrees.
Take the chilled dough out, if it’s been refrigerated longer than 3 hours, let it sit at room temperature for 20 minutes before proceeding.
Use a small cookie scoop (or your hands) and roll about 1 + ½ Tablespoons of dough into a circle.
Optional Step: Roll each cookie ball into ½ cup sugar until coated on all sides.
Place the cookie dough balls on baking sheets lined with silicone mats or parchment paper.
Use a glass or measuring cup with a flat surface and press down on each cookie until it is about the thickness that you want the finished cookie to have.
Bake for 13-15 minutes, until the bottom of the cookies are just starting to brown slightly. It might be a good idea to rotate the cookies once during baking time if your oven temperature fluctuates in certain spots.
Let the cookies start to cool on the baking sheet for 5 minutes, then let them cool completely on a cooling rack.
Frosting
In a large bowl, use an electric mixer to beat the butter and the cream cheese until well-combined. Add the vanilla extract, powdered sugar, and a few drops of red food coloring.
Beat until well combined and uniform in color.
Frost the cookies only when they have completely cooled, or the frosting will melt.
Use a star icing attachment if you want to be extra decorative. Start in the middle and swirl around outwards.