Simple snippet on how to get entity reference field from node programmatically in drupal 8.
/**
* get value of field field_taxonomy from $node
*/
$term = Term::load($node->get('field_taxonomy')->target_id);
$name = $term->getName();
$description = $term->description->value;
/**
* in case unlimited field
* get values of field field_taxonomy from $node
* this method used for any entity reference(Node, Taxonomy, User ....)
*/
$entities = $node->get('field_taxonomy')->referencedEntities();
foreach ($entities as $key => $entity) {
$name= $entity->label();
}
