Preheat the oven to 350°F and heavily grease two or three (depending on desired thickness and stack) cake pans with coconut oil spray or butter. I recommend using 9 x 12 x 2" circular pans or 9 x 9" square pans.
Add vegetable oil, sugar, and vanilla extract until sugar is dissolved. Note: the mixture will be really oily.
Add one egg at a time into the mixing bowl, beating well after each addition. Batter will start to form. Fold in shredded carrots.
Add the dry ingredients into the mixer: all-purpose flour, baking soda, salt, and cinnamon. After fold in chopped nuts and lemon flavoring.
Pour the mixture into two or three greased pans (depending on preference).
Bake for 40-45 minutes or until an inserted toothpick comes out clean. Allow the cakes to cool before removing from the pans.
For the frosting, combine all ingredients in a mixing bowl: butter, cream cheese, powdered sugar, vanilla extract, and a pinch of salt if desired. Blend frosting ingredients on medium speed until smooth. All of the clumps of powdered sugar should be dissolved.
Layer the cakes with frosting in between each layer.
Tip: Refrigerate the cake for 30 minutes before frosting the top and outside layer. This will help with structure! Top with crushed nuts or other flavors and enjoy. Best chilled but can be served room temperature.