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In the tutorial on setting reminders in Excel, two main methods are discussed. The first method utilizes the IF function to create reminders. The instructor demonstrates this by entering a formula in cell C4 to set a reminder for an expired road tax. The formula checks if a date is less than 7 days from today, prompting a reminder. The syntax includes an IF statement, a comparison using the TODAY function, and customizable text for the reminder. Additionally, the second method, although not detailed in the provided text, involves setting reminders using conditional formatting. This method likely enhances visual cues for upcoming due dates.