Preheat your oven to 350°F (175°C) and line a muffin tin with cupcake liners. This ensures the cupcakes don’t stick and gives them that perfect shape.
Cream the butter and sugar. In a large bowl, beat together the softened butter and granulated sugar using an electric mixer on medium speed. Beat until the mixture is light and fluffy—this should take about 3 minutes.
Add eggs and extracts. Crack in the eggs, one at a time, beating well after each addition. Then, mix in the vanilla extract (and almond extract, if using) until fully combined.
Mix in the dry ingredients. In a separate bowl, whisk together the flour and baking powder. Gradually add the dry ingredients to the wet mixture, alternating with the milk and maraschino cherry juice. Start and end with the dry ingredients. Mix until just combined—be careful not to overmix to keep the cupcakes light and tender.
Fold in the chopped cherries. Gently fold the chopped maraschino cherries into the batter. This adds little pockets of cherry goodness throughout each bite.
Fill the cupcake liners. Divide the batter evenly among the cupcake liners, filling each about 2/3 full. This gives the cupcakes enough room to rise without overflowing.
Bake the cupcakes. Place the muffin tin in the preheated oven and bake for 18-22 minutes. To check if they’re done, insert a toothpick into the center of a cupcake—it should come out clean or with just a few crumbs attached.
Cool the cupcakes. Once baked, remove the cupcakes from the oven and allow them to cool in the tin for about 5 minutes. Then, transfer them to a wire rack to cool completely before frosting.