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In this Excel tips video, the presenter demonstrates how to remove formulas while retaining the data. Using a dataset that includes revenue, expense, and net income values, the method involves selecting the entire data set, copying it, and then using the "Paste Special" option. In the dialog box, selecting the "Values" option allows users to paste only the numerical values, stripping away the underlying formulas. After this process, the formula bar will only show the values, confirming that the formulas have been removed. The video aims to provide a quick and easy way to manage data in Excel without losing important figures.