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In this Excel tips video, the presenter, Mad Pencil, demonstrates how to quickly remove formulas while retaining the data. He uses a dataset containing revenue, expenses, and net income, calculated by subtracting expenses from revenue. To eliminate the formulas, he suggests selecting the entire dataset, copying it, and then using the "Paste Special" option. In the dialog box, choosing the "Values" option pastes only the values, removing the formulas. After this process, the formula bar shows only the net income value, confirming that the formulas have been successfully removed.