Preheat your oven to 350°F (175°C). Grease and flour three 9-inch round cake pans.
In a bowl, sift together the flour, sugar, baking powder, baking soda, and cocoa powder.
In a separate bowl, whisk together the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and a pinch of salt.
Gradually add the wet ingredients to the dry ingredients, mixing until just combined. Do not overmix.
Divide the batter equally among the prepared pans and smooth the tops. Bake for 25-30 minutes or until a toothpick inserted into the center comes out clean.
Allow the cake layers to cool in the pans for a few minutes, then transfer them to a wire rack to cool completely.
For the cream cheese frosting, beat together the softened cream cheese, butter, powdered sugar, and vanilla extract until smooth and creamy.
Once the cake layers are completely cooled, spread a layer of cream cheese frosting on top of one layer, then stack the second layer on top and repeat. Frost the top and sides of the cake with the remaining frosting.
Optional: Decorate with additional red velvet crumbs or as desired.
Slice and enjoy your delicious homemade Red Velvet Cake!