I hope this is not counted as a duplicate, as I would like to know if my proof is valid:
$P(n): 5^n - 1$ is divisible by $4$ for $n \ge 0$.
Base Step: $P(0): 5^0-1 = 1-1 = 0 = 0\times 4$.
Induction Supposition: $P(k): 5^k-1$ is divisible by $4$.
Prove: $P(k+1): 5^{k+1}-1$ is divisible by $4,$ or equivalently $5^{k+1}-1 = 4r$, for some integer $r$.
$5^{k+1}-1$
$= 5^k\times5-1$ by Exponent Laws
$= 5\times4r$ by I.H.
$=4(5r)$ which was to be shown.
...or without direct induction, using
$$A^n-B^n=(A-B)\left((A^{n-1}+A^{n-2}B+\ldots+AB^{n-2}+B^{n-1}\right)$$
...which is proved, of course, with induction... :) , and then
$$5^n-1=5^n-1^n=\overbrace{(5-1)}^{=4}(5^{n-1}+5^{n-2}+\ldots+5+1)$$
which is then trivially seen to be divisible by $\;4\;$ .
The way you did it was pretty close too, but your line before the last one is wrong:
$$5^{k+1}-1=5\cdot5^k-1=4\cdot5^k+(5^k-1)$$
and first summand is trivially divisible by four, whereas the second one is by the inductive hypotheses.