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What do it’s and its mean?

First things first, it is a third-person singular

neuter pronoun, used (among other ways) to

stand in for inanimate things or ideas.

Now, here’s the big takeaway:

Its is a possessive form of the pronoun it,

meaning belonging to it.

It’s is a contraction of the words it is or it has.

(Interestingly, we don’t really

contract it was into it’s.)