Preheat the oven to 350°F (175°C)
Line baking sheets with parchment paper
Whisk together 2 1/2 cups all-purpose flour, 1/2 teaspoon baking powder, and 1/4 teaspoon salt
Beat 1 cup unsalted butter and 1 cup granulated sugar until light and fluffy
Add 1 large egg, 1 teaspoon vanilla extract, and 1/2 teaspoon almond extract
Mix in the dry ingredients until just combined
Chill the dough for 30 minutes if it is too soft
Roll the dough out on a lightly floured surface to about 1/4 inch thick
Cut into desired shapes with cookie cutters
Place cookies on the prepared baking sheets
Bake for 8 to 10 minutes until the edges are just set
Cool the cookies on the baking sheet for 5 minutes
Transfer the cookies to a wire rack to cool completely
Beat 1/2 cup unsalted butter until smooth
Add 2 cups powdered sugar, 1 to 2 tablespoons milk, 1 teaspoon vanilla extract, and a pinch of salt
Mix until smooth and spreadable
Tint the frosting with food coloring if desired
Spread or pipe the frosting onto the cooled cookies
Let the frosting set before serving