The easy part of factoring is identifying common factors and pulling them out. In your example, for instance, the number 4 is common to both factors, so you get
4x^2-4=4(x^2-1)
The hard part is factoring polynomials. Recognizing a few common patterns helps in many situations. One pattern you need to recognize is the difference of squares:
x^2-a^2 = (x+a)(x-a)
Identifying this pattern in your sample problem allows you to complete its factorization into 4(x+1)(x-1). You should also be able to recognize a perfect square:
x^2+2bx+b^2 = (x+b)^2
For example, x2-6x+9 = [x+(-3)]^2.
If you're asked to factor something like x2+8x+15, however, you essentially end up making educated guesses. This polynomial factors into (x+3)(x+5). Multiplying it out, you see the 3 and 5 multiply to give the constant term 15, and the 8x results from the sum of 3x and 5x. What you're trying to do is reverse this process. So look at the constant term, including its sign, and figure out pairs of factors it has; then sum those pairs to see if it gives you the right middle term. If it doesn't, try a different pair.
For example, suppose you're asked to factor x2-5x-6. The possible pairs of factors of -6 are: -1 and 6, 1 and -6, 2 and -3, and -2 and 3. Only the second pair, 1 and -6, sums to -5, the coefficient of the middle term, so you have
x^2-5x-6 = (x+1)(x-6)
It may turn out that none of the pairs works, which just means you can't factor it by hand. There are also cases, like x2+1, which you can't factor without using complex numbers. In both cases, the quadratic equation can help in factoring or identifying that you can't factor it without using complex numbers.
There are, obviously, more difficult cases, like higher-order polynomials and a coefficient on the x2 term that isn't equal to 1, but this should get you started.