Preheat oven to 350 degrees.
In a medium bowl, mix together dry ingredients (flour, baking powder, baking soda, salt). Set aside.
With a mixer, cream together butter and sugars until well-blended. Mix in peanut butter, vanilla extract, and eggs just until blended.
Slowly (about 1/2 cup at a time), mix in dry ingredients. Once blended, use your hands to roll dough in to 1" balls. Place 2" apart on a greased cookie sheet and use your thumb to make an indention in each cookie. Spoon your favorite preserves into each indention just until full.
Bake at 350 degrees for 12-14 minutes, just until sides of cookie start to brown. Remove from oven and let cool for 15 minutes, allowing tops to set.