Gather all ingredients and measure them accurately. Whisk together the dry ingredients in a medium bowl and set aside.

In a large mixing bowl, cream the softened butter and granulated sugar together using an electric mixer on medium speed for 2-3 minutes until light and fluffy. Add the egg, red food coloring, vanilla extract, and almond extract, mixing until well combined.

Chill the dough in the refrigerator for 30 minutes, covered with plastic wrap or a kitchen towel.

Preheat the oven to 350°F. Roll the chilled dough into balls and coat each ball in powdered sugar. Place on a baking sheet, spaced 2 inches apart.

Bake for 10-12 minutes until edges are set and centers are soft. Cool on the baking sheet for 5 minutes before transferring to a wire rack.