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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the data. The tutorial begins with a dataset that includes revenue, expenses, and net income, which is calculated by subtracting expenses from revenue. To remove the formulas but keep the calculated values, the user should select the entire dataset and copy it. Then, by right-clicking and choosing "Paste Special," they can select the "Values" option in the dialog box. Clicking OK will paste only the values, eliminating the original formulas. After this process, the formula bar will display just the values instead of the formulas.