Preheat oven to 350°F and line baking sheets with parchment paper or silicone mats.
Cream butter and sugar in a stand mixer until light and fluffy, then add egg, vanilla, almond extracts, and food coloring; mix well.
In a separate bowl, whisk together flour, baking powder, and salt.
Gradually add dry ingredients to wet ingredients and mix until just combined.
Fold in chocolate chips and chopped maraschino cherries.
Use a #30 cookie scoop (about 2 tablespoons) to place dough balls 2 to 3 inches apart on prepared trays.
Optionally press extra chocolate chips on top of dough balls.
Bake for 12-13 minutes, until edges and bottoms are lightly browned.
Allow cookies to cool on the baking tray for a few minutes before transferring to wire racks to cool completely.
Store cookies stacked in an airtight container at room temperature for 3-5 days.