Preheat your oven to 350°F (175°C). Cream together the softened butter and sugar until light and fluffy for about 3-5 minutes. Add in the eggs, vanilla extract, and almond extract, beating well until fully combined.

In a separate bowl, whisk together the all-purpose flour, baking powder, and salt until mixed. Gradually incorporate the dry ingredients into the creamed mixture, stirring until a soft dough forms. Cover and refrigerate for at least 30 minutes.

Once chilled, take small sections of dough and roll into 1-inch balls, placing them on a parchment-lined baking sheet. Create an indentation in each ball and fill with peach preserves, reshaping the dough around it.

Mix the granulated sugar and ground cinnamon in a shallow dish. Roll each cookie in this mixture to coat evenly, adding yellow food coloring if desired.

Arrange the cookies on a baking sheet with space in between. Bake for 12-15 minutes until lightly golden but still soft. Check at 12 minutes.

Remove from the oven, let cool on the baking sheet for 5 minutes, then transfer to a wire rack to cool completely.