Proof yeast: In the bowl of a stand mixer, whisk together the water, sugar and yeast. Set aside until the mixture has bubbled and becomes foamy, about 10 minutes. If it doesn’t foam, the water wasn’t the right temperature or the yeast is old. Add ingredients: Add the egg, egg yolk, evaporated milk, vanilla, salt, cinnamon, nutmeg and approximately half the flour. Fit the mixer with the dough hook and mix on low/medium low until combined. With the mixer on low speed, add the butter, followed by the remaining flour.
Knead dough: Increase the speed to medium. Knead for about 2 minutes, until smooth and slightly tacky and the dough pulls away from the bowl. The dough is enriched so it will (and should) still be sticky but not unbearably sticky. If it seems too wet, add more flour, 1 tablespoon at a time, up to ¼ cup.
Let dough rise: Transfer dough to a large, lightly greased bowl using a spatula (it will be too sticky to use your hands). Cover and let rise in a warm place for at least 2-4 hours, or until doubled in volume. To make ahead (my favorite way): Store covered dough (before it rises) in the fridge for up to 3 days. It will slowly rise in the fridge. Let come to room temperature (about 1-2 hours) before proceeding with the next step.
Rise again: Punch down the dough and let it rise again for another 30 minutes.
Prep fryer: In a large, deep fryer (this is my fav) or Dutch oven, preheat 3-inches of oil over medium-high heat to 350°F. Attach a candy thermometer (pictured) to closely monitor the oil temperature to ensure even cooking. Line a wire baking rack with layers of paper towels; set aside. Cut squares: While the oil is heating, roll the dough out onto a well-floured work surface into a 1/4-inch thick rectangle. Sprinkle the rolling pin or dough with flour if it sticks. Cut into 2 1/2-inch squares with pizza cutter. Deep fry: Working in batches of 5-6 at a time, fry the dough until golden brown, flipping every 20 seconds, about 1 minute. Closely monitor the oil and adjust the heat of the stove as needed to maintain an oil temperature of 350°-360°F.
Coat with powdered sugar: Using a spider strainer or slotted spoon, transfer the beignets to the paper towels. Allow to drain for just a few seconds, then heavily dust with powdered sugar, or toss in a bowl or bag with powdered sugar. Repeat with remaining dough. Serve: Serve immediately while warm (unfortunately, the beignets become harder and taste denser the longer time passes). We love dipping them in chocolate sauce, or strawberry sauce!