In a medium bowl, whisk together flour, baking soda, baking powder, and salt. Set aside.

In a large mixing bowl, cream together softened butter and white sugar until smooth and fluffy, about 2-3 minutes.

Beat in the egg, vanilla extract, and almond extract until well combined.

Gradually add the dry ingredients to the wet ingredients, mixing until just combined. If the dough is too crumbly, add milk one tablespoon at a time until it comes together.

Wrap the dough in plastic wrap and refrigerate for at least 1 hour.

Preheat the oven to 375°F (190°C).

On a floured surface, roll out the chilled dough to about 1/4 inch thick. Use cookie cutters to cut out shapes.

Place the cut-out cookies on ungreased baking sheets, leaving space between each cookie.

Bake in the preheated oven for 8-10 minutes, until the edges are lightly golden.

Allow cookies to cool on the baking sheets for a few minutes before transferring to wire racks to cool completely.

Once cooled, decorate with icing and sprinkles as desired.