• Create a new file.
• Create a new layer, Type some text on it & fill the text with any color.
• Now select the text layer by holding the Ctrl key, & click the text layer.
• Select inverse. ( Ctrl + shift + I )
• Create a new layer & fill the selection with white.
• Now Deselect Press ctrl + D.
• Apply Gaussian Blur with 2.0 & duplicate the layer.

• Now invert the new layer. ( Ctrl + I ) & nudge it two pixels left & two pixels up.
• Select the white layer, and nudge it two pixels right and two pixels down.
• Now, select the text (ctrl + click on text layer )
• Select inverse.
• Select the black layer and delete the selected area and then do the same to the white layer.

• You should now see the actual bevel effect.