Makes equivalent to one store-bought "packet."
I found this on AllRecipes.com, and have adapted it slightly. Not only is it nice to have on hand in case you don't have a store-bought packet, but I think you'll also find that it's so easy you may write off buying packets forever.
1 heaping T. chili powder
2 t. ground cumin
1/2 t. salt
1/2 t. pepper
1/2 t. paprika
1/4 t. garlic powder
1/4 t. onion powder
1/4 t. crushed red pepper flakes
1/4 t. dried oregano
dash cayenne pepper
Combine spices together in a bowl.
Brown 1-1.5 lbs. of ground beef in a skillet, draining off fat. Sprinkle taco seasoning over meat; add 2/3 c. water.
Continue to cook over low heat until water has evaporated and "sauce" has thickened.