What's the difference between it's and its?

Brad, 

It's - 'it is'. For example, "It's 2 am!  Why are you home so late?"

Its - possessive form of 'it'. For example, "My new coat is junk. Its zipper is broken!"

I hope this helps, 

Kim

Brad,

Its= possessive pronoun just like " mine, yours, his, hers, ours, theirs "  but "it`s" is the abbreviation form of "it is" or "it has" but mostly "it is".

Examples for both:

The plan is a very good one. Its steps are arranged wisely.

"its steps"= "the plan`s steps".

She gave me a book, it`s really useful.

But be careful, abbreviation forms cannot be used in formal writings which means that you must stick to using "it is" instead of "it`s".

good luck,

Kojin

it's - yours

its - its time