Make the Cookie Dough:
In a large mixing bowl, cream the butter and sugar together until light and fluffy, about 2-3 minutes.
Add the egg, vanilla extract, and almond extract (if using), and mix until combined.
Mix in the red food coloring until the batter is evenly colored.
In a separate bowl, whisk together the flour, cocoa powder, baking powder, and salt. Gradually add the dry ingredients to the wet ingredients, mixing until just combined.
Divide the dough into two portions, wrap in plastic wrap, and chill in the refrigerator for 30 minutes.
Bake the Cookies:
Preheat the oven to 350°F (175°C) and line baking sheets with parchment paper.
Roll the dough into 1 1/2-inch balls and place them 2 inches apart on the baking sheet. Flatten slightly with the bottom of a glass.
Bake for 10-12 minutes, or until the edges are set but the centers are still soft. Allow the cookies to cool on the baking sheet for 5 minutes, then transfer to a wire rack to cool completely.
Prepare the Icing:
In a bowl, whisk together the powdered sugar, milk, and vanilla extract until smooth. Divide the icing into two bowls. Add red food coloring to one bowl and white food coloring to the other. Adjust the consistency by adding more milk (thin) or powdered sugar (thick).
Decorate the Cookies:
Spread or pipe the red and white icing onto the cooled cookies. Add red and white sprinkles while the icing is still wet.
Let the icing set for at least 20 minutes before serving.