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In this Excel tips video, the presenter demonstrates how to remove formulas while retaining the data. Using a dataset that includes revenue, expenses, and net income, the tutorial highlights how net income is calculated by subtracting expenses from revenue. To remove the formulas, the viewer is instructed to select the entire dataset, copy it, right-click, and choose "Paste Special." In the dialog box, the "Values" option is selected to paste only the values. After executing this, the formula in the formula bar is replaced by the static value, effectively removing the formula while keeping the data intact.