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Its and It's
This really has to be the easiest one to remember. The problenm with "It's" and "Its" is the fact that one is a contraction of "It is" and the other is the possessive form but without the apostrophe (that you would expect to use and see). Let me clarify.
Its. strangely enough, this version is the possessive version but, as I mentioned previously, it doesn't have the apostrophe that you would expect to see as in John's hovercraft or that is Peter's foot.
It's. is a contraction of "it is" and is nothing to do with belonging to anything or anyone. It's used to state exactly what I have used it for here to say that it is used to say, well, it is. This form, as I said previously is NOTHING to do with owning something or belonging to. Weird eh ??.