I see “it’s” and “its” used incorrectly ALL the time, in print and on television. That nearly drives me crazy!
“It’s” is a contraction of “It is.”If what you’re really saying is “it is,” “there is,” or “who is,” then use the apostrophe version. So, it’s, there’s, and who’s.
Its is the possessive form. The dog chewed its bone. (You would never say “The dog chewed it is bone,” would you?
Use its, whose, and theirs for possessives. How do you remember this? Just remember that possessive pronouns have everything–except apostrophes.