In a large skillet over medium-high heat, cook ground beef until browned and crumbled, about 8-10 minutes, then drain excess fat.
Stir in taco seasoning and 1/4 cup water, simmer for 3-4 minutes until thickened, then let cool for 10 minutes.
Spread the cooled beef mixture evenly in the bottom of a 9x13 inch glass dish or large serving platter.
Layer the sour cream over the beef, spreading gently to cover completely.
Top with shredded cheese, followed by lettuce, tomatoes, olives, green onions, and guacamole in distinct layers.
Serve immediately with tortilla chips or cover and refrigerate up to 2 hours before serving.