Preheat oven to 350°F (177°C). Line baking sheets with parchment paper.

In a medium bowl, whisk together flour, baking powder, salt, and beet powder until evenly combined; set aside.

In a large bowl, beat butter, 1 cup sugar, and almond paste with an electric mixer on medium?high until very light and fluffy, about 2–3 minutes, scraping the bowl as needed.

Beat in the egg, egg yolk, vanilla, and almond extract until smooth and well combined, scraping down the bowl.

On low speed, gradually mix in the dry ingredients just until a soft dough forms and no dry streaks remain; do not overmix.

Place the remaining 1/4 cup sugar in a shallow dish. Using a large 3?tablespoon scoop, portion dough into balls, roll each in sugar, and place on prepared baking sheets about 2 inches apart. Lightly flatten each ball with the bottom of a measuring cup then cut out into shapes with cookie cutters.

Bake 10–12 minutes, until set and just beginning to brown at the edges; centers should still look slightly soft.

Cool on the baking sheet for 5 minutes, then transfer to a rack to cool completely. Store in an airtight container at room temperature for up to 3 days.