Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a medium-sized mixing bowl, sift together the flour, cocoa powder, baking powder, baking soda, and salt. Set aside.

In a large mixing bowl, combine the sugar and vegetable oil, and mix until well combined.

Add the eggs one at a time, mixing well after each addition.

Stir in the buttermilk, red food coloring, white vinegar, and vanilla extract until the mixture is smooth.

Gradually add the dry ingredients to the wet ingredients, mixing until the batter is smooth and well combined.

Divide the batter evenly between the prepared cake pans.

Bake in the preheated oven for 25-30 minutes or until a toothpick inserted into the center of the cakes comes out clean.

Allow the cakes to cool in the pans for about 10 minutes, then remove them from the pans and let them cool completely on a wire rack.

In a mixing bowl, beat the softened cream cheese and butter until smooth and creamy.

Add the powdered sugar and vanilla extract, and beat until well combined and the frosting is smooth.

Once the cakes are completely cooled, place one layer on a serving plate or cake stand.

Spread a layer of cream cheese frosting on top of the first cake layer.

Place the second cake layer on top and frost the top and sides of the entire cake with the remaining cream cheese frosting.

Optionally, decorate the cake with crumbled red velvet cake crumbs, fresh berries, or chocolate shavings.

Slice and enjoy your homemade Red Velvet Cake!