In a medium bowl, whisk together the all-purpose flour, baking powder, and salt until evenly combined. Set the bowl aside for later use.
In a large mixing bowl, use an electric mixer to cream together the softened butter and granulated sugar. Beat on medium-high speed for about 3-4 minutes, or until the mixture is light and fluffy.
Add the egg, vanilla extract, and almond extract to the butter-sugar mixture. Mix on low speed until the ingredients are fully combined.
Gradually add the dry ingredients to the wet mixture, mixing on low speed just until everything is incorporated. Be careful not to overmix.
Divide the dough into two equal portions. Leave one half uncolored for the base and to the other half, add the red food coloring. Mix thoroughly until the color is evenly distributed.
Take the remaining half of the dough and add the green food coloring, mixing until fully incorporated.
Lay out two sheets of parchment paper on a clean workspace. Place each colored dough on separate sheets. Roll each one out into a rectangle about ¼ inch thick using a rolling pin.
Carefully peel off the top layer of parchment from one color of dough. Place the uncolored dough on top, and then gently set the parchment back down on top of the red dough.
Using the parchment to assist, start from one end and roll the dough tightly into a log shape. Once rolled, wrap the log in the parchment paper. Chill in the refrigerator for at least 2 hours, or overnight for enhanced flavor.
Preheat your oven to 350°F (175°C). Line a baking sheet with parchment paper and set aside.
After chilling, remove the dough from the refrigerator. Using a sharp knife, slice the log into rounds about ¼ inch thick.
Arrange the cookie slices on the prepared baking sheet, leaving about 1 inch of space between each cookie to allow for spreading.
Bake in the preheated oven for 8-10 minutes, or until the edges are lightly golden. Watch closely to avoid over-baking. Allow the cookies to cool on the baking sheet for 5 minutes before transferring them to a wire rack to cool completely.
Once the cookies have cooled, dust them with powdered sugar before serving for a festive touch.
Notes
For an extra festive touch, serve the cookies on a decorative platter, and consider placing small sprigs of evergreen or candy canes around them.