In a stand mixer fitted with the paddle attachment, cream the butter and sugar together on medium speed until just combined, about 45 seconds. Add the egg, vanilla extract, and almond extract, then beat well for about 1 minute until smooth.

Scrape down the sides of the bowl, then add the flour and salt. Mix on low speed until just combined and no streaks of flour remain. Shape the dough into a flat oval disk, wrap tightly in plastic wrap, and refrigerate for at least 1 hour or overnight.

Preheat your oven to 350°F and line two baking sheets with parchment paper.

On a lightly floured surface, roll the chilled dough out to 1/4-inch thickness. Cut into desired shapes using cookie cutters and carefully transfer to the prepared baking sheets. If you like, sprinkle with colored sugar now. Bake for 8 to 12 minutes, depending on cookie size—mini cookies take about 8 minutes, medium about 10 minutes, and large about 12 minutes—until the edges are just lightly golden.

Allow the cookies to cool on the baking sheets for 5 minutes, then transfer to a wire rack to cool completely before frosting or serving plain.