Beat butter, cream cheese and sugar until light and fluffy, about 2~3 minutes in a stand mixer or using a hand mixer. Make sure to scrape the edges.
Add the egg replacer mixer (or egg), vanilla and almond extracts. Mix well until combined.
In the meantime, whisk flour, baking powder and salt in a mixing bowl.
Add the dry ingredients to the butter mixture and beat until just combined. Once the dough comes together, turn off the mixer and divide the dough into 2 pieces. If you want to make the cookies later, then wrap the dough in plastic wrap and place it in a freezer safe bag and freeze for up to 1 month*.
If making right away, then place the dough ball between 2 large pieces of parchment and roll out into ¼"~1/8" thick rectangle. Place the rolled out dough in the fridge for 1 hour.
Preheat the oven to 350°F. Line a baking sheet with parchment.
Take the dough out of the fridge and cut out the cookies using your favorite cookie cutters. Place them on the prepared baking sheet and bake for 8~12 minutes depending on the thickness of the cookies. Re-roll the scraps and cut out more cookies.
Remove the baked cookies from the oven onto a wire rack. Using a spatula place them on a wire rack to cool completely before decorating. Repeat with the remaining dough.