Preheat your oven to 350°F (175°C). Grease and flour a 9×5-inch loaf pan or 9-inch round cake pan. Line the bottom with parchment paper.
In a large bowl, beat the softened butter with an electric mixer until creamy and lightened in color (about 2 minutes).
Gradually add the sugar and continue beating on medium-high speed for 5-7 minutes until very light and fluffy.
Add eggs one at a time, beating well after each addition. If your mixture begins to look curdled, add a tablespoon of your measured flour between eggs.
Stir in the vanilla and almond extracts, plus lemon zest if using.
In a separate bowl, whisk together the flour, salt, and baking powder.
Beginning and ending with flour, add the dry ingredients to the butter mixture in three parts, alternating with the milk in two parts (flour-milk-flour-milk-flour). Mix on low speed just until combined after each addition.
Pour the batter into your prepared pan and smooth the top with a spatula.
Bake in the preheated oven for 50-55 minutes, or until a toothpick inserted into the center comes out clean or with a few moist crumbs.
Allow the cake to cool in the pan for 10 minutes, then turn out onto a wire rack to cool completely before slicing.