As far as the Christmas tree goes, I have a 3-year old and a newborn (7 weeks) and I just let him decorate the bottom of the tree with plastic ornaments and candy canes. He really enjoys it and he thinks he's helping me.
Activities you can do with your kids. There are a lot of things you can do. You could drive around and look at Christmas Lights, make Christmas crafts that fall into you children's age group. I like the foam crafts that they have out now. I got mine at Michaels. And on Christmas Eve we always make sugar cookies and decorate them for Santa. You would have to help your 14-month old, but it is a lot of fun to do as a family. I hope that helps.