In a large mixing bowl, combine butter, confectioners' sugar, egg, vanilla extract, and almond extract, with mixer on low speed for 1 minute. Gradually mix in flour.
Cover and refrigerate for 2-1/2 hours.
Preheat oven to 375 degrees F. Scoop 1/4 of the dough and roll to 1/4-inch thickness on a lightly floured, cloth-covered pastry sheet. Cut into shapes. Repeat until all dough is used--as cookie sheets become available. Place shapes an inch apart on a lightly greased cookie sheet and sprinkle with regular or brown sugar. Bake in preheated oven for 7 minutes, or until edges turn light brown.
Let cool for 3 to 5 minutes before removing from cookie sheet. Decorate to your heart's delight!