Preheat your oven to 350°F (175°C). Grease a 9x13 inch baking dish with butter or non-stick spray.
In a large bowl, cream together the 0.5 cup of softened butter and granulated sugar until fluffy.
Add the eggs one at a time, beating well after each addition. Mix in the vanilla extract and red food coloring.
Sift together the flour, cocoa powder, and salt. Alternately add the flour mixture and buttermilk to the creamed mixture, beginning and ending with the flour.
In a small bowl, combine the baking soda and vinegar, then gently fold into the batter.
Pour the batter into the prepared dish and bake for 25 minutes or until a skewer inserted in the center comes out clean.
To make the frosting, beat together the softened cream cheese and butter until smooth. Gradually add in the powdered sugar and vanilla extract, mixing until creamy.
Allow the cake to cool completely before spreading the frosting on top. Serve and enjoy.
Notes
Red velvet cake pairs beautifully with a cup of coffee or tea. Store leftovers in an airtight container for up to 3 days.