Step 1: In a medium bowl, whisk together the flour, baking soda, and baking powder. Set aside.
Step 2: In a large bowl, using an electric mixer, cream together the softened unsalted butter and granulated sugar until light and fluffy (about 2-3 minutes).
Step 3: Beat in the egg, vanilla extract, and almond extract until well combined.
Step 4: Gradually add the dry ingredients to the wet ingredients, mixing on low speed until just combined. Do not overmix.
Step 5: Fold in the chopped and drained maraschino cherries and the maraschino cherry juice until evenly distributed throughout the dough.
Step 6: Cover the dough and chill in the refrigerator for at least 30 minutes. This helps prevent spreading.
Step 7: Preheat your oven to 375°F (190°C). Line baking sheets with parchment paper.
Step 8: Roll the chilled dough into 1-inch balls. If desired, roll the balls in extra granulated sugar for a sparkling finish.
Step 9: Place the cookie dough balls about 2 inches apart on the prepared baking sheets.
Step 10: Bake for 8-10 minutes, or until the edges are lightly golden and the centers are just set. Do not overbake to keep them soft.
Step 11: Let the cookies cool on the baking sheets for 5 minutes before transferring them to a wire rack to cool completely.