In a large mixing bowl, whisk together 2 cups of all-purpose flour, ¾ cup of sugar, 2 teaspoons of baking powder, ½ teaspoon of salt, and if desired, ¼ teaspoon of nutmeg.

In a separate bowl, whisk together 1 cup of milk, 2 large eggs, ½ cup of melted butter, and 2 teaspoons of vanilla extract until smooth and creamy.

Carefully pour the wet ingredient mixture into the bowl with the dry ingredients. Gently stir until just combined, being careful not to overmix.

Lightly flour a clean surface and turn out the doughnut batter onto it. Use a rolling pin to roll the dough to about ½ inch thick.

In a large pot or deep fryer, heat oil to 350°F (175°C). Carefully add a few doughnuts at a time to the oil, frying for about 1 minute on each side.

If baking instead of frying, preheat your oven to 375°F (190°C) and bake for 10-12 minutes.

In a medium bowl, combine 1 cup of powdered sugar, ¼ cup of cocoa powder, 3 tablespoons of milk, 2 tablespoons of melted butter, and 1 teaspoon of vanilla extract. Whisk until smooth.

Once the doughnuts have cooled slightly, dip the top of each warm doughnut into the chocolate glaze. Allow the excess glaze to drip off.