In a mixing bowl, cream together the butter and sugar until light and fluffy, about 3-5 minutes. Add the eggs, vanilla extract, and almond extract and beat until well combined.

In a separate bowl, whisk together the flour, baking powder, and salt. Gradually add the dry mixture to the wet ingredients while mixing on low speed until just combined.

Cover the dough with plastic wrap and refrigerate for about 30 minutes.

Preheat the oven to 350°F (175°C). Scoop out the chilled dough and form small balls, flattening each and adding a teaspoon of peach preserves before sealing.

Roll each cookie in granulated sugar and, if desired, mix sugar with food coloring.

Place cookies on a baking sheet lined with parchment paper and bake for 12-15 minutes until lightly golden.

Allow cookies to cool on the baking sheet for about 5 minutes before transferring to a wire rack to cool completely.