How to Make It
Beat butter and sugar with a heavy-duty stand mixer on medium speed until creamy; add vanilla and almond extracts, and beat until incorporated. Gradually add flour, and beat on low speed until incorporated after each addition.
Divide dough into 4 equal portions, and place each portion in a small bowl. Add desired amount of food coloring gel to each bowl, and stir with a fork until food coloring is incorporated. Cover bowls, and chill 1 hour.
Preheat oven to 250°F. Shape 1 dough portion into about 12 (1 1/2-inch) balls, and roll in sparkling sugar or sanding sugar. Press sprinkles, sugar pearls, or silver dragées into dough balls. Place decorated balls about 2 inches apart on parchment paper-lined baking sheets. Repeat with remaining dough portions.
Bake in preheated oven until lightly browned on bottom, 25 to 30 minutes, switching pans top rack to bottom rack halfway through baking. Cool on pans 5 minutes. Remove cookies to wire racks, and cool completely, about 30 minutes.