Step 1: Preheat oven to 350 degrees Fahrenheit.

Step 2: In a large bowl combine all dry ingredients together - flour, baking soda, salt, ground cinnamon, brown sugar and white sugar - and mix until smooth.

Step 3: In a separate bowl, blend together the wet ingredients - vegetable oil, eggs, cream cheese and vanilla extract - until creamy.

Step 4: Slowly add the wet ingredients to the dry ingredients while stirring gently. Be sure not to overmix!

Step 5: Add in grated carrots and walnuts (optional) and stir until combined.

Step 6: Grease a 9-inch springform pan with butter or nonstick cooking spray.

Step 7: Pour batter into greased pan and spread evenly.

Step 8: Bake at 350 degrees Fahrenheit for 40-45 minutes or until a toothpick inserted into middle comes out clean. Allow cake to cool before moving on to assembly.