I think this should be enough for your needs:
First enable extglob by running: shopt -s extglob and then
for i in !(*-tagged).tif; do
magick "$i""./$i" <flags> "$"./${i%%.tif}-tagged.jpg";
done
This can also be trivially parallelized with GNU parallel:
parallel magick ./{} <flags> ./{.}-tagged.jpg ::: !(*-tagged).tif