Soften the cream cheese and butter at room temperature. You can also microwave the cream cheese for 15 seconds at a time until soft.
Beat together the butter, cream cheese, and sugar with a mixer until the sugar granules have completely dissolved. The mixture should be pale and fluffy.
Mix in the egg, vanilla extract, and almond extract. Add any optional flavorings at this time.
Sift in the all purpose flour, cake flour, baking powder, and salt. Mix together until just combined. Working in 2 batches, lay the cookie dough in between two pieces of parchment paper. This makes it easier to roll out the dough. Using a rolling pin, roll out the dough to ⅓ to ¼ inch thick and chill it flat in the fridge for 15 minutes. Don't roll the dough any thinner than ¼ inch thick - the cookies won't be as soft and tender.
Cut out shapes from the cookie dough. Dip the cookie cutters in flour before each press so the dough doesn't stick.
Bake for 8 - 9 minutes in a preheated 350 degree oven. The cookies should be pale in color and have a smooth, flat surface. Note: It's important the dough is chilled before baking so they retain their shape. Let the cookies cool completely before decorating with icing. Makes about 36 cookies depending on the size of your cookie cutters.