In a large pit, cook the beef, onion and pepper over medium heat until meat is no longer pink and vegetables are tender; drain. Stir in taco seasoning and water; cook and stir for five minutes or until liquid is reduced.
Add V8 juice and salsa; bring to a boil. Reduce heat; simmer, uncovered, for 5 minutes or unti heated through. Top each serving with 1 T tomato and cheese and 2 tsp green onions and sour cream. Top or serve with baked tortilla chips if desired.