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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the data. They begin with a dataset containing revenue, expenses, and net income, which is calculated by subtracting expenses from revenue. To remove the formulas, the presenter suggests selecting the entire dataset, copying it, and then using the "Paste Special" feature. In the dialog box, choosing the "Values" option allows users to paste only the values, eliminating the formulas. After completing this process, the formula bar displays only the net income values, confirming the formulas have been successfully removed.