Preheat the oven to 350°F (175°C). Line two baking sheets with parchment paper.
In a large mixing bowl, beat the butter and powdered sugar for 3 to 4 minutes until pale and fluffy.
Add the egg, egg yolk, vanilla extract, and almond extract. Beat until smooth.
In a separate bowl, whisk together the flour, baking powder, and salt.
Gradually add the dry ingredients to the butter mixture, mixing on low speed just until combined.
If the dough is too stiff to pipe, add milk 1 teaspoon at a time until it becomes soft and pipeable.
Transfer the dough to a piping bag fitted with a large open-star tip.
Pipe rosettes, rings, or S-shapes onto the prepared baking sheets, spacing them about 2 inches apart.
Chill the piped cookies for 15 to 20 minutes.
Bake for 10 to 12 minutes, or until the edges are lightly golden.
Let the cookies cool on the baking sheet for 5 minutes, then transfer to a wire rack to cool completely.
Dip portions of the cooled cookies in melted chocolate and decorate with sprinkles or candied cherries if desired.
Allow the chocolate to set completely before serving.