In a large bowl, sift together the flour, baking powder and salt. Whisk for 20 seconds and set aside.
In a separate large bowl, beat together the butter and sugar until creamed - about 2-4 minutes.
Beat the cream cheese into the butter mixture until smooth. Turn off the mixer and scrape down the sides and bottom of the bowl.
Mix the egg, vanilla extract and almond extract into the butter mixture until combined.
With the mixer on a low speed, mix the dry ingredients into the butter mixture until all the flour is incorporated.
Divide the dough in half. Dump each half onto a piece of plastic wrap. Form each half into a disc shape that's about 1 inch thick. Wrap each with the plastic wrap.
Refrigerate the dough discs for at least 4 hours or up to 48 hours.
When ready to bake, preheat the oven to 350℉ (180℃) and line cookie sheets with baking paper or silicone baking mats. If the dough has been in the fridge overnight, let it sit on the counter to warm up slightly before using.
Work with 1 disc of dough at a time (leave the other in the fridge). Lightly flour a clean kitchen work surface and dust a rolling pin. Unwrap the disc of dough and lightly dust with flour. Place on the floured work surface and roll out until it's about ⅓ inch thick (about 5-8 mm). Using a circular cookie cutter, cut the cookies into rounds and carefully transfer to a lined cookie sheet. Cookies should be about 1½ inches apart. Form the scraps into a ball and repeat the process.
Bake 1 cookie sheet at a time in the middle of the preheated oven. Bake for about 11-13 minutes, or until the tops look set. Remove from the oven and let cool on the cookie sheets.