Specifically, "it's" and "its." There's a difference!

"It's" really means "it is," but you know how it is when people talk and
talk, and go faster and faster; eventually a tiny little syllable gets
gobbled up, and "it is" becomes "it's." Abbreviated.

"Its" is an entirely different matter. It's (note that!) a dignified,
respectable word, a propertied word, denoting possession. For instance, you
might say "Lace has its charms." "Lacemaking has its devotees." No
abbreviations for this sturdy little word!

Aurelia 

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