Is it it's or its?

You know what's really funny? Being totally drunk and going back and re-reading what you've just posted and finding that you've screwed up "it's" versus "its" and being completely hacked at yourself because that's totally a rookie mistake and one of your worst pet peeves.

"It's" is a conjunction and is short for "it is" or "it has."

Its is for everything else, including possessives.

I think. Damn the alcohol!