Preheat the oven to 400 degrees F (200 degrees C). Cut parchment paper to fit a 13x18-inch baking sheet.

Combine butter and sugar in a large bowl and cream with an electric mixer until fluffy. Beat in egg, butter vanilla emulsion, and almond extract.

Combine flour, baking powder, and salt in a small bowl. Gradually add flour mixture to butter mixture, 1 cup at a time, mixing after each addition. The dough will be very stiff; mix the last of the flour in by hand. Add milk, 1 teaspoon at a time, if dough is too dry or crumbly. Do not chill dough.

Divide the dough into 2 balls. On a floured surface, roll out dough until 1/4 inch thick. Dip the cookie cutter in flour before each use. Cut out cookies and place the prepared baking sheet 1 inch apart.

Bake in the preheated oven until cookies are lightly browned on the bottom, 8 to 11 minutes. Smaller cookies will take less time to bake. Transfer cookies to a wire rack and allow to cool completely.