Adobe allows you to exclude up to 50 IP addresses from reporting. This feature can be accessed in the Admin section of Adobe Analytics. More information about this can be found at Exclude By IP Address. If you want to exclude additional IP addresses once you've reached your limit, you can contact customer support about creating a VISTA rule.
Custom Bot rules can also be used to filter IPs, however, these will be flagged and reported as bots in reporting as opposed to being excluded entirely from reporting. Additionally, enabling IAB Bot rules will automatically remove traffic deemed "fake" or "bot" based on the International Spiders & Bots List.