Preheat the Oven: Preheat your oven to 350°F (175°C). Grease and flour three 9-inch round cake pans.
Mix Dry Ingredients: In a medium bowl, sift together the flour, sugar, baking soda, salt, and cocoa powder.
Mix Wet Ingredients: In a separate large bowl, whisk together the vegetable oil, buttermilk, eggs, food coloring, vanilla extract, and vinegar until smooth.
Combine Dry and Wet: Gradually add the dry ingredients to the wet mixture, stirring until just combined. Be careful not to overmix the batter.
Bake: Divide the batter evenly among the prepared cake pans. Bake for 25-30 minutes or until a toothpick inserted into the center comes out clean. Let the cakes cool in the pans for 10 minutes, then remove and let them cool completely on a wire rack.
Beat the Cream Cheese and Butter: In a large bowl, beat the softened cream cheese and butter together until smooth and creamy.
Add Sugar and Vanilla: Gradually add the powdered sugar and vanilla extract. Beat until the frosting is fluffy and smooth.
Frost the Cake: Once the cakes have cooled completely, place one layer on a cake stand and spread a generous amount of cream cheese frosting over the top. Repeat with the second and third layers, frosting the sides as well.
Decorate: Optionally, you can garnish the top with cake crumbs or sprinkles for extra flair.
Serve: Slice and serve! This cake pairs wonderfully with a cup of coffee or tea.