In a large mixing bowl, cream together 1 cup of softened unsalted butter and 1 cup of granulated sugar until light and fluffy, about 3-4 minutes. Add in 2 large eggs, 1 teaspoon of vanilla extract, and ½ teaspoon of almond extract, mixing until fully combined.

In a separate bowl, whisk together 3 cups of all-purpose flour, 1 tablespoon of baking powder, and ½ teaspoon of salt. Gradually incorporate the dry ingredients into the wet mixture until a soft dough forms.

Wrap the dough tightly in plastic wrap and refrigerate for about 30 minutes.

Divide the dough into small portions, flatten each piece slightly, and place a small spoonful of peach preserves in the center. Fold the dough around the filling and roll it into a ball shape.

Mix granulated sugar with a pinch of ground cinnamon and optional food coloring. Roll each cookie ball in this mixture until evenly coated.

Bake in preheated oven at 350°F (175°C) for 12-15 minutes, until the bottoms are lightly golden.

Let the cookies cool on the baking sheet for about 5 minutes, then transfer to a wire rack to cool completely.