I was sure someone asked why I would stay away from field collections, but the comment appears to have been removed. Either way my 2 cents:
Taxonomies should be used for classification and categorisation. Not for content relationships. By linking 2 pieces of content via a taxonomy term you are using 3 entities where you only need 2.
In my experience, whilst taxonomies are now fieldable, they are not fully fledged entities, and so should not be used as "content".
In this particular case, if your Magazine has content (a description of what is it, details on ordering it etc.), or a "page" of its own, then it should be a content type, because it is content.
The issues are are a little ambiguous, but odds are you have an overview etc, so they likely have a page, and are likely content too. So another content type.
The articles are obviously content types.
In building the admin for this you can use the Entity Reference to link these pieces of content, but you can go one better.
In the same way that @Drupalist suggested using Field Collections, you can use inline entity forms (I think part of Entity Reference). Field Collections are one of these old modules that where a great idea, not very well implemented, and with many collisions with other modules. Whilst they are now entities, they still have issues, and you would be better using fully fledged entities (even content types) for things like you authors etc.
Inline entity forms lets you create and edit referenced entities, from inside the entity you wanting to reference from... so, create/edit author from inside an article, or just reference one that has already been created.
Add in CER and you will automatically get a reference from the author back to the article, the article back to the issue, and the issue back to the Magazine, or whatever direction you are going. This has advantages in how your views perform, but also lets you show a list of articles on the author page, and the author info on the article page, all without views at all.
Full circle back to taxonomies, you would then use these to "tag" articles etc. with... "fishing", "car", "computers" etc./whatever... so you can find any issue, magazine, article or author that has content/written about that tag.
Tried to make that brief, so hopefully it helps and makes sense. I have done this on dozens of sites. Global sporting events, travel/holiday booking sites, international broadcasters, beverages, charities etc. Robust powerful, and covers you for unforeseen requirements.