Preheat oven to 375 degrees. Beat butter and cream cheese in a large mixing bowl with an electric mixer on medium speed for 30 seconds. Add sugar, almond and vanilla extracts; beat until combined. Stir in flour. Cover and chill dough for 30 minutes or untli easily worked with, but not too stiff.
Pack dough into a cookie press and press onto ungreased baking sheets. Sprinkle with chopped almonds. Bake 8 to 10 minutes or until edges of cookies are firm, but not brown.
Allow to cool on baking sheet for one minute, then remove to wire racks to cool completely.