Using stand mixer with paddle attachment or hand mixer, cream the butter and cream cheese together until smooth and uniform (about two minutes). Then mix in the granulated sugar, egg, vanilla extract, and almond extract for about one minute.
Meanwhile, whisk together flour, baking powder, and salt.
Add flour mixture to butter cream cheese mixture and mix until a smooth and wet dough forms. Cover the bowl with plastic wrap and place in refrigerator to chill for at least one hour.
Preheat oven to 350 degrees. Line cookie sheet(s) with parchment paper and set aside. Pour each kind of sprinkle into its own bowl.
Scoop out cookie dough and roll into balls (about two tablespoons of dough each) then roll each ball in the sprinkles of your choice. Place the balls on prepared cookie sheet, leaving about two inches of space between them.
Use the bottom of a glass or back of a measuring cup to gently press each ball to flatten into a disc about ¾ inch thick. Transfer cookie sheet pan(s) to oven and bake for about 12 minutes or until cookie edges are very light golden brown. Bottoms will brown but tops will not.
Allow cookies to cool and set on pan for about five minutes before handling. If you are working with one cookie sheet, remove the baked cookies then repeat the baking process with remaining cookie dough.