In a medium bowl, whisk together the flour, baking soda, baking powder, and salt. Set aside.
In a large bowl, cream the softened butter and granulated sugar together until light and fluffy. This should take about 3-4 minutes with an electric mixer.
Add the egg, vanilla extract, and almond extract to the butter mixture and mix until well combined.
Gradually add the flour mixture to the wet ingredients, mixing until just combined. Be careful not to overmix.
Chill the dough in the refrigerator for at least 30 minutes to an hour for easier handling.
Preheat the oven to 375°F (190°C) and line baking sheets with parchment paper.
Scoop out tablespoons of dough and roll them into balls. Roll each ball in powdered sugar before placing them on the prepared baking sheets, spaced about 2 inches apart.
Flatten the cookies slightly with the bottom of a glass or your palm until they are about ½ inch thick.
Bake for 8-10 minutes, until the edges are lightly golden. They might not look fully done in the center, but they will continue to cook on the baking sheet.
Allow the cookies to cool on the baking sheet for about 5 minutes before transferring them to a wire rack to cool completely.
Once cooled, top the cookies with frosting and sprinkle with colored sprinkles for the finishing touch.