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Using a stand mixer, cream the butter, cream cheese and sugar together in a large bowl. Scrape the sides of the bowl. Beat in almond extract.
In a separate small bowl, combine the flour, baking powder and salt. Slowly add the flour mixture to the creamed mixture and mix until well combined. Cover and refrigerate the dough for 1 hour.
Preheat the oven to 350ºF.
Shape the dough into 30, 1-in. balls, then roll in colored sugar.
Line a baking sheet with parchment paper or a nonstick baking mat. Place the cookies 2" apart on the baking sheet. Bake for 12-13 minutes. Do not over bake.
Remove from the oven and immediately press a maraschino cherry into the center of each cookie. Move the cookies to wire racks to cool.
You can leave the cookies as they are, or you can drizzle them in white chocolate which will help keep the cherry in place.
In a microwave-safe bowl, slowly melt the white chocolate chips in 10-15 second increments, stirring between each melting time. Use a spoon or fork to drizzle the chocolate overtop the cookies.
Allow the chocolate to set completely before storing the cookies in an airtight container. Store at room temperature.