Preheat your oven to 350°F (175°C). Grease and flour your cake pans to prevent sticking.
In a large mixing bowl, whisk together the flour, cocoa powder, baking soda, baking powder, and salt until well combined.
In another bowl, mix the buttermilk, vegetable oil, eggs, vinegar, vanilla extract, and liquid red food color. Whisk until smooth.
Gradually add the wet ingredients to the dry ingredients, mixing until just combined. Be careful not to overmix; a few lumps are okay.
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 comes out clean. Allow the cakes to cool in the pans for 10 minutes before transferring them to a cooling rack.
In a large bowl, beat the cream cheese and unsalted butter together until smooth and creamy. Add the vanilla extract and gradually mix in the powdered sugar until fully incorporated.
Once the cakes are completely cool, place one layer on a serving plate. Spread a generous amount of cream cheese frosting on top. Place the second layer on top and frost the top and sides of the cake as desired.
Feel free to decorate with sprinkles, chocolate shavings, or fresh berries. Slice, serve, and enjoy this beautiful, delectable Red Velvet Cake!