1. Preheat your oven to 350°F (175°C). Prepare two 9-inch round cake pans by greasing and lightly dusting them with flour.

2. In a large mixing bowl, whisk together the flour, sugar, baking soda, baking powder, cocoa powder, and salt until well combined.

3. In another bowl, blend the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and vinegar. Ensure everything is mixed thoroughly.

4. Pour the wet ingredients into the dry mixture. Stir gently until just combined—don’t overmix; a few lumps are perfectly fine.

5. Evenly distribute the cake batter between the prepared pans, smoothing the tops with a spatula.

6. Bake in the preheated oven for 25-30 minutes. Test doneness by inserting a toothpick into the center of the cakes; it should come out clean.

7. Once baked, allow the cakes to cool in the pans for about 10 minutes before transferring them to a wire rack to cool completely.

8. For the cream cheese frosting, beat the softened butter and cream cheese together in a mixing bowl until the mixture is smooth and creamy.

9. Gradually add the powdered sugar to the mixing bowl, followed by the vanilla extract. Beat until the frosting is light, fluffy, and fully combined.

10. Once the cakes are completely cool, layer and frost them with your cream cheese frosting. Decorate the cake as desired for a beautiful finish.

Nutritional Information: A typical slice of this cake contains approximately 350 calories, 15g of fat, 45g of carbohydrates, and 3g of protein.