In a pie plate or shallow dish whisk together the eggs, eggnog, cinnamon, and nutmeg. Melt a little bit of the butter in a large skillet over medium heat (You can also use a griddle).
Immediately before cooking, dip each piece of the Texas toast into the eggnog mixture and place into the heated skillet and cook until golden brown on the bottom (about 3 minutes). Flip over and cook until golden brown on the other side (about an additional 3 minutes).
Serve immediately and sprinkle with powdered sugar and top with butter and maple syrup if desired.