For the hitting, I would look her directly in the eyes and tell her "no," then show her how to be "gentle." If she keeps on hitting, I would put her down, walk away, and remove my attention from her. I find that ignoring, i.e. removing your attention, is the best way to get them to stop bad behaviors. Time outs kind of remove your attention, but you are removing the child. I don't think there is any reason to remove the child, unless they are really disobeying and you need them to stop what they are doing. I find walking away works better, i.e. they don't throw a fit, are quickly redirected, and there is no conflict. You just quickly and immediately remove what they want, your attention. That in itself is negative reinforcement enough, most of the time.
It's very common at 14 months for kids to hit, pinch, pull hair, etc.