"Its, It's, It is" always makes me a little shaky, a little queasy. I have never understood the "its, it's, it is" range war.
I better learn the difference quickly.
It is, after all, December 21st!
“It’s” is the contraction of “it is.”
“Its” is the possessive of “it.”
All you have to remember is that the contraction is what you would expect it to be, and the possessive is the opposite of what you would expect it to be. Really simple.