In a large mixing bowl, whisk together flour, baking powder, baking soda, salt, lemon zest and nutmeg. Make a well at the center of the bowl and set aside.
In a separate medium bowl, cream together sugar and butter until creamy. Add in eggs, buttermilk, vanilla and almond extract. Mix together until all wet ingredients are fully combined.
Gradually add the wet ingredients into the dry ingredients and mix to form soft dough.
Pour out dough on a smooth floured surface and divide into two. Shape each dough into a disc, cover with a plastic wrap and place in the refrigerator for 1 hour. This gives the flour and gluten some time to rest and firm up before baking. If dough is not chilled, cookies won't hold their shape.
Preheat oven to 350 F. Line a large baking sheet with parchment paper, spray surface of parchment paper with cooking spray and set aside.
Remove dough from fridge and plastic wrap, place dough on a floured surface and roll it out to ¼-inch thick. Use a 2-inch round cookie cutter or a glass, cut out the tea cakes and place them out on prepared baking sheet, about 1 inch apart.
Bake for 8-10 minutes until bottom is slightly browned.
Remove the tea cakes from the oven; place them on a cooling rack until they are cool.