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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while preserving 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 keep the net income values without the formulas, the user needs to select the entire dataset, copy it, then access the "Paste Special" option. In the dialog box, selecting "Values" and clicking OK will paste only the values, removing the formulas. As a result, the formula bar will display only the values, confirming the formulas have been eliminated.