You need to create a fontstring object and anchor it to the button.
For example if the action button's global name is ActionButton1 you would do something like:
Code:
local text = ActionButton1:CreateFontString(nil,"OVERLAY")
text:SetFont("Fonts\\FRIZQT__.TTF",12) -- font face and size
text:SetText("myText")
-- Here you place the text in the center of the button
text:SetPoint("CENTER",0,0)