Whisk together flour, baking powder, and salt in a medium bowl. Set aside.

Beat butter and sugar until light and fluffy, about 3 minutes. Add egg, vanilla, and almond extract; beat until combined.

Gradually add flour mixture, mixing on low until just combined. Divide dough in half, wrap in plastic, and refrigerate at least 1 hour.

Preheat oven to 350°F and line baking sheets with parchment paper. Roll dough to 1/4-inch thick on a floured surface. Cut with heart-shaped cookie cutters.

Bake 8-10 minutes until edges are barely golden. Cool on baking sheet 5 minutes, then transfer to a wire rack to cool completely.

Make icing: Whisk powdered sugar and milk until smooth. Tint with food coloring. Decorate cooled cookies and let icing set completely.