Preheat the oven to 350°F. Line sheet pans with parchment paper and set aside.
In a medium bowl, whisk together the flour, baking soda, and baking powder. Set aside.
In the bowl of a stand mixer, beat the butter until light and fluffy (about 1 minute).
Add vanilla and almond extracts, granulated sugar, and brown sugar. Beat in until well combined.
Add the egg and egg yolk. Beat for 3 to 4 minutes on high speed, scraping down the sides of the bowl occasionally to fully cream the wet ingredients.
Add ½ of the flour mixture and beat in on low speed just until combined. Add the other half of the flour mixture and beat in until combined. Do not overbeat.
Scoop 2½ tablespoon size balls of cookie dough. Roll between your fingertips to form smooth balls. Place balls on prepared sheet pans spaced 2 inches apart. Press down the center of the ball just slightly.
Bake for 8 to 9 minutes or until cookies have just a hint of brown around the bottom edges and are set on top. Allow to cool for 3 to 4 minutes, then transfer to a cooling rack.
Frost cooled cookies and garnish with sprinkles if desired.