Removing Formatting Guidlines for Drupal 7

1. Removing formatting guidelines through a Drupal module.
The first option is getting the Better Formats module.

• Enable the module
• Once enabled you will need to navigate to your permissions menu: admin/user/permissions
• Under the permission module search for the term "better_formats module" under this header you will get the option to enable or disable display format tips, format selections for nodes etc.

Please note that the Drupal 7 version is currently under heavy development and the above solution works best for the Drupal 6 version.
2. Theme Template File
Since the first method does not work best in Drupal 7. A good alternative is to input the following code in your themes template.php file.

/**
* Remove the comment filters' tips
*/
function myTheme_filter_tips($tips, $long = FALSE, $extra = '') {
return '';
}
/**
* Remove the comment filter's more information tips link
*/
function myTheme_filter_tips_more_info () {
return '';
}

/**
* Remove the comment filters' tips
*/
function myTheme_filter_tips($tips, $long = FALSE, $extra = '') {
return '';
}
/**
* Remove the comment filter's more information tips link
*/
function myTheme_filter_tips_more_info () {
return '';
}

Source: msathesh