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In this Excel tips video, the presenter explains how to quickly remove formulas while retaining the data. Using a dataset containing company revenue, expenses, and net income, the method involves selecting the entire data set, copying it, and then using the "Paste Special" feature. In the "Paste Special" dialog box, the presenter selects the "Values" option and clicks OK, resulting in only the values being pasted and the formulas being removed. After this process, the formula bar shows only the values for the net income, confirming that the formulas have been successfully eliminated.