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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the data. Starting with a dataset that includes company revenue, expenses, and net income (calculated as revenue minus expenses), the tutorial explains the process. To remove the formulas, you first select the entire dataset and copy it. Then, by right-clicking and choosing "Paste Special," you can opt for the "Values" option. Upon clicking OK, the data is pasted without the formulas, and the formula bar will only display the values. This simple technique effectively removes formulas while preserving the necessary data.