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In this Excel tips video, the tutorial guides users on how to remove formulas while retaining the data. The presenter uses a dataset including revenue, expenses, and net income calculated by subtracting expenses from revenue. To remove the formulas, users are instructed to select the entire dataset, copy it, right-click, and choose "Paste Special." In the dialog box, selecting the "Values" option and clicking OK will replace the formulas with their resulting values. After completing this process, the formula bar will only display the values, confirming that the formulas have been removed.