Preheat oven to 325 degrees.
Cream together butter and cream cheese with a hand mixer or stand mixer.
Add in sugar, continuing to mix on medium speed.
Add eggs, one at a time, and continue to blend.
Add vanilla and almond extracts.
Add flour and blend until just smooth. Do not overbeat.
Pour batter into well-greased tube pan (angel food cake pan) or Bundt pan (see Notes for tips).
Bake for 75 to 90 minutes, or until cake is done (toothpick test). (See Notes for tips).
Allow cake to cool, and remove from pan promptly after cooling.
Dust with powdered sugar and serve.