In a large bowl, beat together butter, sugar, egg, almond extract and vanilla, beat in dry ingredients. Cover and refrigerate dough for 30 minutes.

Working with one-quarter of the dough at a time and keeping remaining dough refrigerated, roll dough to about 1/4 inch thickness. Use a round cookie cutter or the bottom of a drinking glass to cut round cookies. Press an almond firmly into the center of each cookie.

Place cookies on the prepared cookie sheet and bake for 20 minutes or until pale golden. Let cool for two to three minutes. Remove from cookie sheet and let cool on a wire rack. Repeat with remaining dough.