Whisk together the flour, baking powder, baking soda, salt, lemon zest, and nutmeg in a large mixing bowl. Make a well at the center of the bowl and set it aside.
In a separate medium bowl, cream together sugar and butter until smooth. Then add in the eggs, buttermilk, vanilla, and almond extract. Mix together until all the wet ingredients are thoroughly combined.
Gradually add the dry ingredients into the wet ingredients and mix until it forms into a soft dough.
Put the dough on a smooth, floured surface and divide it into two. Roll each dough ball into a disc, cover them with plastic wrap, and place them in the refrigerator for one hour. This gives the flour and gluten some time to rest and firm up before baking. The cookies won't hold their shape if the dough is not chilled.
Preheat oven to 350℉/177℃. Line a large baking sheet with parchment paper, spray the surface of parchment paper with cooking spray and set aside.
Remove dough from the fridge and plastic wrap, then place dough on the floured surface and roll it out to ¼-inch thick. Use a 2-inch round cookie cutter or a glass to cut out the tea cakes, and place them out on a prepared baking sheet about an inch apart.
Bake for 8-10 minutes until the bottoms are slightly browned.
Remove the tea cakes from the oven, and place them on a cooling rack until they are cool.