"It's" or "Its?" Do they have different meanings? Yes, they do and they are misused quite a lot. "It's" is a contraction (i.e., a short version of one or two words using an apostrophe) that means "it is." "Its" is a possessive pronoun. Examples: It's going to take a lot of hard work and determination. The best thing about this car is its fuel efficiency.
~Reinforcing Proper English by Reviewing Punctuation, Grammar, and Spelling Rules