Preheat your oven to 350°F (175°C).
Grease and flour two 9-inch round cake pans.
In a large bowl, cream together the softened butter and sugar until light and fluffy.
Add eggs one at a time, mixing well after each addition.
Stir in the vanilla extract.
In another bowl, sift together the flour, cocoa powder, baking soda, and baking powder.
Alternate adding the dry mixture and buttermilk to the butter mixture, starting and ending with dry ingredients.
Add a few drops of red food coloring to the batter and mix until fully incorporated.
Pour the batter evenly into the prepared cake pans.
Bake in the preheated oven for 25-30 minutes, or until a toothpick comes out clean.
Allow the cakes to cool in the pans for 10 minutes before transferring to a wire rack.
Once cooled, frost with your favorite cream cheese frosting.