In a large saucepan, place all the ingredients except extracts, and gently stir them to combine. Place a candy thermometer on the side of the pan and bring to a boil, stirring only to prevent burning. Cook to hardball stage (265 to 270 degrees), remove from the heat, stir in the extracts, and pour onto a silpat-lined sheet pan or buttered sheet pan. Let it cool enough to handle then start rolling it into a log and stretching or pulling the taffy to work air in and make it white and opaque. Keep pulling and twisting until it hardens. Form long ropes of taffy, then cut them into pieces.
Some tips when making taffy: Oil the top 1-inch of the saucepan's wall to keep the sugar from boiling over. Always use a pan bigger than you think you need to prevent boiling over. Always use a burner as big or bigger than your pan's bottom. Never scrape the bottom of the pan at the end, just pour out the syrup. Wash down the sides of the pan with a clean wet pastry brush to avoid crystallization.
Recipe courtesy of Gale Gand