Beat the lard and sugar together in a large bowl or the bowl of an electric mixer until light and fluffy.
Eggs, baking soda, baking powder, sour cream, salt, and vanilla extract are beaten into the batter.
Gradually add flour until the dough comes together.
On a lightly floured surface, roll out the dough to a thickness of approximately 1/2 inch.
To make donut shapes, use a donut cutter.
In a big pot, heat the oil over medium heat.
Fry the donuts for 2 to 3 minutes, or until golden brown.
To drain, transfer to a wire rack or paper towels.
Whisk together the water, confectioners' sugar, and vanilla extract in a small bowl until smooth
Each donut's top is coated with a glaze, and then set aside to dry.