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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the underlying data. Using a dataset that includes revenue, expenses, and net income, the presenter explains that net income is calculated by subtracting expenses from revenue. To remove the formulas, the user should select the entire dataset, copy it, right-click, and choose "Paste Special." In the dialog box, selecting the "Values" option allows the user to paste only the values, eliminating the formulas. After this process, the formula bar will display only the values, confirming that the formulas have been removed.