Combine butter, sugar and 1/2 teaspoon almond extract in a large bowl. Beat at medium speed, scraping the bowl often until creamy. Reduce speed to low, then add the flour. Beat until well mixed. Cover and refrigerate until firm (at least one hour.).
Preheat over to 350 degrees. Shape dough into 1 inch balls and place 2 inches apart onto ungreased cookie sheets.
Make indentation in center of each cookie with your thumb (its okay if the edges crack slightly.).
Fill each indentation with about 1/4 teaspoon jam (careful not to overfill.).
Bake for 14-18 minutes or until edges are lightly browned.
Let stand for 1 minute, then transfer onto a cooling rack set over some wax or parchment paper to cool completely.
Meanwhile, combine powdered sugar, 1 1/2 teaspoons almond extract and 3 teaspoons whipping cream for desired glazing consistency in small bowl with a wire whisk until smooth.
Drizzle over cooled cookies and let harden for at least 30 minutes before serving.