It’s means “it is” or (“it has”). Its doesn’t—its is possessive, and is used to indicate that something belongs to “it”.
It’s going to be a nice day today.
John says that it’s too expensive to buy a new car these days.
I’d like to know how it’s going to turn out.
Coffee is either loved or hated due to its strong flavour.
I bought a new laptop just over a year ago, but its battery stopped working already!
Truly, it’s grammar at its finest.
So don’t let this it’s vs. its issue fool you again. Simply ask yourself whether you can substitute “it is” or “it has” in your sentence: if you can, you need it’s, if not, use its.
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Your and You’re