Place the butter, cream cheese, and sugar in the large bowl of an electric stand mixer fitted with the paddle attachment. Cream until light and fluffy.
Beat in the egg, vanilla, and almond extracts.
Add the flour, baking powder, and salt to a large mixing bowl and whisk together.
Turn the mixer on low speed and gradually add the flour mixture to the butter and sugar mixture. Beat until fully incorporated and a soft dough ball is formed.
Divide dough into two balls and wrap in plastic wrap tightly. Let them chill in the refrigerator for an hour.
Line your cookie sheets with parchment paper. Preheat your oven to 350 degrees F.
While the oven preheats, roll out one ball of dough to ¼" thickness. I like to lightly flour the surface to prevent sticking or spray some non-stick spray on the surface of the counter.
Cut your cookies using the cookie cutter of our choice and lay the cookies on the baking sheet. Allow room for expansion as the cookies bake.
Bake cookies for 8-12 minutes depending upon your oven.
Repeat with the second ball of dough.