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Beat butter with a mixer on medium speed until creamy and smooth-about 2 minutes.
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Gradually add the powdered sugar, beating until smooth.
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Add vanilla, almond extract, orange zest and dried cranberries and beat until combined.
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Reduce speed to low. Mix flour, baking powder and salt.
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Gradually add flour mixture to butter, beating at a low speed until blended.
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Form dough into 2 logs, each about 1 1/2 inches in diameter; wrap in parchment, and refrigerate 1 hour (or up to 3 days).
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Preheat oven to 350 degrees. If frozen, let the logs stand at room temp for 10 minutes.
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Remove parchment. Slice logs into 1/4 inch-thick rounds, and space about 1 inch apart on baking sheets lined with parchment.
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Bake until pale golden, about 12 minutes. Let cool.