Heat oil in a deep-fryer or large saucepan to 375 degrees F (190 degrees C).
Whisk buttermilk, white sugar, and eggs together in a bowl. Mix flour, baking soda, baking powder, salt, nutmeg, and cinnamon together in another bowl. Stir buttermilk mixture into flour mixture until combined; add butter and knead until a soft dough forms.
Turn out dough onto a lightly floured work surface and roll to 1/4-inch thick. Cut dough into doughnut shapes using a 2 1/2-inch doughnut cutter.
Beat confectioners’ sugar, margarine, and vanilla extract together in a bowl until smooth. Gradually add milk, stirring constantly, until desired glaze-consistency is reached.
Working in batches, cook doughnuts in hot oil until golden brown, about 1 minute per side. Transfer cooked doughnuts to a paper-towel lined plate to drain. Dip hot doughnuts into glaze to coat.
You can substitute water for milk in the glaze, if desired.
You can substitute shortening for butter in the doughnuts, if desired.
We have determined the nutritional value of oil for frying based on a retention value of 10% after cooking. The exact amount will vary depending on cooking time and temperature, ingredient density, and the specific type of oil used.
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