In a large mixing bowl, add the cake mix, cocoa powder, and baking powder. Whisk well to evenly distribute the dry ingredients and deepen the red velvet flavor.

Add the eggs, buttermilk, oil, and vanilla extract to the bowl. Whisk until the batter is smooth and thick, with no dry pockets remaining. The batter should be pourable but not runny.

Let the batter rest for 5 minutes. This short rest allows the flour to hydrate and helps create a softer, fluffier interior.

Pour the batter into the preheated waffle iron, using the amount recommended for your specific machine. Close the lid and cook until the waffles are crisp on the outside and fully set, usually 3–5 minutes.

Carefully remove the waffles and place them on a wire rack to keep them crisp while you cook the remaining batter.

In a medium bowl, whisk the softened cream cheese until smooth and lump-free.

Add the powdered sugar, milk, and vanilla extract. Whisk until the glaze is thick but pourable. Adjust with a little more milk if needed.

Drizzle the glaze over warm waffles and finish with mini chocolate chips or your favorite toppings.