Preheat oven to 350°F (175°C). Line two baking sheets with parchment paper or silicone baking mats and set out red candy hearts.
In a medium bowl, whisk together flour, baking soda, baking powder, and salt until evenly distributed. Set aside.
Beat softened butter on medium speed for 1 minute until smooth. Add granulated sugar and beat for 2-3 minutes until light and fluffy, scraping down sides halfway through.
Beat in the egg until fully combined, then add vanilla and almond extracts, mixing until incorporated. Scrape down the bowl.
Add green gel food coloring a few drops at a time, mixing on low speed until you achieve a vibrant Grinch green, about 1/2 to 3/4 teaspoon.
With mixer on low, gradually add the flour mixture in three batches, mixing just until combined after each addition. Stop as soon as no flour streaks remain.
Place powdered sugar in a small shallow bowl. Scoop dough into 1-tablespoon portions, roll into smooth balls, then roll generously in powdered sugar until completely coated.
Place coated dough balls 2 inches apart on prepared baking sheets, about 12 per sheet. Press each ball down very gently to slightly flatten the bottom.
Bake for 10-12 minutes until edges are just set and centers still look slightly underdone. Do not overbake.
Immediately after removing from oven, gently press a red candy heart into the center of each cookie while still soft and warm.
Let cookies cool on baking sheet for 5 minutes, then transfer to a wire rack to cool completely. The powdered sugar coating will set and crack as they cool.