One of the best recipes for red velvet cake I've ever come across is from Magnolia's:
3 1/2 C sifted cake flour
1 1/2 sticks unsalt butter
2 1/3 C sugar
3 eggs
5 Tbsp red food coloring
2 1/2 Tbsp cocoa
2 tsp vanilla
1 1/2 tsp salt
1 1/2 C buttermilk
1 1/2 tsp apple cider vinegar
1 1/2 tsp baking soda
(makes 3 8" layers)
Cream butter and sugar till light and fluffy. Add eggs one at a time. In separate bowl combine food coloring, cocoa, and vanilla. Add this to batter. Mix salt and buttermilk together and in 1/3's alternate flour and buttermilk mixture to batter. Then mix vinegar and soda and gently stir into batter until just incorporated. Bake at 350 degrees about 19 min.
Tips- Remember: all ingredients at room temperature, and you cannot beat the butter/sugar/eggs mix too much (must be very light and fluffy) but when you go to add liquid and flour, you only want to mix to incorporate and then stop. Do not overbeat!!
Hope this is helpful! Let me know if you have any questions and how it goes! I would also like to invite you to check out my new baking/life blog- SugarBeams And Other Half Baked Adventures!! I will have a baking post every Wednesday with recipe. Thanks! :-]