In a mixing bowl, beat cream cheese until smooth. Add sour cream, taco seasoning, paprika, and cayenne, and mix until evenly combined. Fold in cheddar cheese.
Transfer to a clean bowl or container, cover, and chill until ready to serve. Let dip come to room temperature for 10 minutes before serving to soften, if desired.
Nutrition information is an estimate based on online calculators and provided as a courtesy. Any nutritional information should be used as a general guideline only.