Its and It’s are words that get confused all the time, so here is a short explanation between the two:
Its (without the apostrophe) is a neuter (non-gender) possessive pronoun that works similar to his or her. (a pronoun is a word that takes the place of a noun.)
For example: The dog likes its purple toy.
For example: The committee is writing its response to the board of directors.
It’s (with the apostophe) is a contraction for it is or it has.
For example: It’s been a week since Karen wrote in her journal. (In this case, the it’s is a contraction for it has.)
For example: It’s time to send the draft to the publisher. (In this case, the it’s is a contraction for it is.)
HINT: If you can’t decide whether to use it’s or its, substitute the word with “it is” or “it has.” If the substitution works, than you know to use it’s. If the substitution doesn’t work then you know to use its.
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Tweetable: Misused Words: Its and It’s