Prepare the Oven and Pan

1. Preheat the Oven: Preheat your oven to 325°F (165°C). This is important because the cake needs a moderate heat to bake slowly and evenly, ensuring a perfectly tender crumb.
2. Grease the Pan: Grease a 10-inch bundt pan or tube pan with butter or cooking spray. Then, lightly dust with flour, tapping out the excess. This helps the cake release easily once it’s baked.

Mix the Batter

1. Cream the Butter and Cream Cheese: In a large mixing bowl, beat the softened butter and cream cheese together until they’re light and fluffy. This step is crucial as it helps create a smooth, creamy base for your cake.
2. Add the Sugar: Gradually add the granulated sugar to the butter and cream cheese mixture, continuing to beat until the mixture is smooth and slightly fluffy.
3. Incorporate the Eggs: Add the eggs one at a time, mixing well after each addition. This will help prevent curdling and ensure that the eggs blend evenly into the batter.
4. Add the Extracts: Mix in the vanilla extract and almond extract (if using). These extracts will bring a lovely, aromatic flavor to the cake.
5. Combine Dry Ingredients: In a separate bowl, whisk together the sifted flour, baking powder, and salt.
6. Alternate Adding Dry Ingredients and Wet Ingredients: Gradually add the dry ingredients to the wet mixture, alternating with small amounts of milk (about 1/4 cup at a time). Start and finish with the dry ingredients. Mix until just combined. Be careful not to overmix, as this could result in a dense cake.

Bake the Cake

1. Pour the Batter into the Pan: Transfer the batter into the prepared bundt or tube pan. Use a spatula to smooth the top of the batter evenly.
2. Bake: Bake in the preheated oven for 1 hour and 10 minutes, or until a toothpick inserted into the center of the cake comes out clean. Keep an eye on the cake after the 1-hour mark, as baking times can vary depending on the size and type of pan used.
3. Cool: Once the cake is done, remove it from the oven and allow it to cool in the pan for about 10 minutes. Then, carefully turn the cake out onto a wire rack to cool completely.