Step 1: Prepare the Ingredients and Equipment

1. Preheat your oven to 325°F (163°C). Grease a 10-inch Bundt or tube pan thoroughly with butter or nonstick spray, then lightly dust with flour. Tap out the excess flour.
2. Bring the butter, cream cheese, and eggs to room temperature for a smooth batter and even baking.

Step 2: Cream the Butter, Cream Cheese, and Sugar

1. In a large mixing bowl, use an electric mixer to beat the softened butter and cream cheese together on medium speed until light and fluffy, about 2-3 minutes.
2. Gradually add the granulated sugar, about 1/2 cup at a time, and continue beating until the mixture is airy and pale, approximately 5 minutes. This step is crucial for creating a tender crumb.

Step 3: Add the Eggs and Extracts

1. Add the eggs one at a time, beating well after each addition. Scrape down the sides of the bowl to ensure everything is evenly incorporated.
2. Mix in the vanilla extract and almond extract (if using).

Step 4: Incorporate the Dry Ingredients

1. In a separate bowl, whisk together the sifted all-purpose flour and salt.
2. Gradually add the flour mixture to the wet ingredients, mixing on low speed until just combined. Avoid overmixing, as this can make the cake dense.

Step 5: Fill the Pan and Bake

1. Pour the batter evenly into the prepared Bundt or tube pan, smoothing the top with a spatula. Tap the pan gently on the counter to remove any air bubbles.
2. Bake in the preheated oven for 1 hour and 15 minutes, or until a toothpick inserted into the center comes out clean. Rotate the pan halfway through baking for even browning.

Step 6: Cool and Remove the Cake

1. Allow the cake to cool in the pan for 15-20 minutes. Then, run a knife around the edges and carefully invert the cake onto a wire rack to cool completely.

Step 7: Glaze and Serve (Optional)

1. To make the glaze, whisk together the powdered sugar, milk, and vanilla extract until smooth. Drizzle the glaze over the cooled cake.
2. Serve plain, with whipped cream, or alongside fresh berries for an extra-special touch.