In a large skillet over medium heat, cook and crumble the beef, 4 to 5 minutes or until no longer pink. Drain any excess fat. Add the water and 1 envelope taco seasoning. Cook until the mixture is thickened and the spices evenly coat the meat. Let it cool slightly.
In a bowl, beat the sour cream, cream cheese, and the remaining taco seasoning until well blended. Spread the mixture across the bottom of a 3-quart glass dish.
Sprinkle the ground beef over the creamy layer. Top with lettuce, cheddar, tomatoes, peppers and olives.
Notes
** Nutrition is calculated before adding the ingredients for dippingVariations:
Use ground turkey or chicken instead of the beef.
Use chopped fresh peppers of various colors, shredded carrot or cabbage, or cooked corn kernels.
Add beans: Spread a layer of refried beans on the bottom of the dip dish before the sour cream layer.
Storing:
Leftover taco dip can be stored tightly covered in the refrigerator for up to three days.