In a stand mixer, cream together butter and sugar. Add in egg and extracts.
In a medium bowl, sift together flour and baking soda. Gradually add in flour to the butter mixture, scraping down the sides of the bowl as you go. Be careful not to over mix.
Remove the dough and roll it into a ball, then roll it out on a floured surface to about ¼" thick, then cut into desired shapes (we did letters for back to school).
Place cookies on a parchment lined (or using a baking mat) baking sheet. Freeze for 5 minutes (this will help them keep their shape).
Bake for 8-10 minutes, until bottoms start to turn slightly golden. Let sit for a few minutes on the baking sheet before transferring to a cooling rack.
Buttercream frosting:
In a stand mixer, whip butter for 3-4 minutes, scraping down the sides. Turn down the speed and add in vanilla extract and almond extract. Gradually add in powdered sugar (about ½ cup at a time) until it reaches your desired consistency. Add in food coloring (optional).
Pipe frosting onto cookies once they've cooled and serve.
Notes
I placed my frosting in 3 separate bowls and colored each bowl individually.