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In this Excel tips video, the host demonstrates how to quickly remove formulas while retaining the data in an Excel spreadsheet. Using a dataset that includes revenue, expenses, and net income calculated from the two, the process is straightforward. The user selects the entire dataset, copies it, and then utilizes the "Paste Special" feature. By choosing the "Values" option in the Paste Special dialog box, the formulas are replaced with their respective values, effectively eliminating the formulas while keeping the numerical data intact. The tutorial emphasizes the simplicity of this method, highlighting that after performing the action, the formula bar will only display the values.