Your questions are what to prune for beauty and space, when to prune seasonally, and exactly where to prune.
What to prune
If Magnolia were a shrub, it would be much too close to the wall. But it's a tree. Would you consider moving it? In the short run, I'd shorten most branches by a foot, right above a leaf pointing out.
Crazy Idea — If you keep your Magnolia against the wall, you have the opportunity to brace it and prune into an espalier. An alternating candelabra form is right there in your photo. My photo is more freeform.

When to prune
You can prune for aesthetics anytime. But pruning "in the spring before it flowers" will remove all buds for the entire season. Don't do that. Best to prune anytime after bloom and up to late fall, "in the autumn."
Should you get ready for pruning and spot any fat early buds, say December on, you missed your season and better wait.
Exactly where to prune
Pruning at a fork means cutting off one of the twigs above the Y break. If the fork were a fork in the road, you'd cut where you'd put up a sign "Road Closed." Ideally, you want your cut not to show, but cutting just 1/4" higher gives Mother Nature a better chance to heal the wound.
You need no tar, but a wide felt tip pen in brown is a hack to mask the surgery.
=> Magnolias usually have large leaves. The photo makes it look more like Camellia.