Hi I was writing a simple Text Editor and I had the same problem, I didn't find anything helpful on the internet. The if , else if method isn't optimal if there are many buttons in the form, so I thought why not take the existing font.style and just add to it using |  symbol like people suggested above. I tested this code and it works. I call this method from pictureBox I click.
Update. I found a bug. when you deselect a font, it resets all others to regular too. But the code that combines them works.
private void ChangeFontStyle(PictureBox p)
        {
            if (p == pictureBox1)
            {
                if (BClicked)
                {
                    richTextBox1.SelectionFont = new Font(richTextBox1.Font, richTextBox1.Font.Style | FontStyle.Bold);
                }
                else 
                {
                    richTextBox1.SelectionFont = new Font(richTextBox1.Font, richTextBox1.Font.Style | FontStyle.Regular);
                }
            }
            else if (p == pictureBox2)
            {
                if (IClicked)
                {
                    richTextBox1.SelectionFont = new Font(richTextBox1.Font, richTextBox1.Font.Style | FontStyle.Italic);
                }
                else 
                {
                    richTextBox1.SelectionFont = new Font(richTextBox1.Font,  richTextBox1.Font.Style | FontStyle.Regular);
                }
            }
            else if (p == pictureBox3)
            {
                if (UClicked)
                {
                    richTextBox1.SelectionFont = new Font(richTextBox1.Font, richTextBox1.SelectionFont.Style | FontStyle.Underline);
                }
                else
                {
                    richTextBox1.SelectionFont = new Font(richTextBox1.Font, richTextBox1.Font.Style | FontStyle.Regular);
                }
            }
        }         
P.S I used picture boxes instead of buttons and boolean variables like BClicked indicate whether they are activated or not.