Combinatorial Proof: Suppose we have n objects in set $S = \{1, 2, \cdots, n\}$.
LHS: $\left(\!\!\binom{n}{k}\!\!\right)$ is the number of $k$-subsets from $S$ with repeats (by definition of multichoose).
RHS: We consider the number of occurrences of $n$ in a k-subset of $S$.
If $n$ is not in the subset, we have $\left(\!\!\binom{n-1}{k}\!\!\right)$ such subsets since we create a $k$-subset from all objects except $n$.
If $n$ is in the subset once, we have $\left(\!\!\binom{n-1}{k-1}\!\!\right)$ such subsets since we have $k-1$ spots remaining in the subset.
If $n$ is in the subset twice, we have $\left(\!\!\binom{n-1}{k-2}\!\!\right)$ such subsets.
$\vdots$
If $n$ is in the subset $n$ times, we have $\left(\!\!\binom{n-1}{0}\!\!\right) = 1$ such subsets since no spots remain.
Thus, $\sum_{i=0}^k \left(\!\!\binom{n-1}{i}\!\!\right)$ represents all such cases when $n$ is in the k-subset $0, 1, 2, \cdots, n$ times.